A. increasing price while keeping output constant
B. decreasing price and increasing output
C. decreasing both price and output
D. increasing both price and output
Answer: B
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A. total revenue is greater than total cost
B. average revenue is greater than marginal cost
C. average revenue is greater than average total cost
D. average total cost is less than marginal cost
Answer: B
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A. the ranking are transitive
B. larger quantities are preferred (non-satiation)
C. a change in income will shift the budget line
D. consumer may be indifferent between two commodity baskets
Answer: C
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A. entry is easy
B. product are differentiated
C. there is blocked entry
D. firms maximizes profits
Answer: A
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A. inter-industry competition
B. collusion
C. incentive to cheat
D. price leadership
Answer: B
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A. demand will increase
B. the marginal revenue curve will shift upward
C. demand will decrease
D. economic profits will increase
Answer: C
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A. An economic or normal profit or suffer an economic loss
B. Only a normal profit
C. Only an economic profit
D. Only earn an economic or normal profit
Answer: A
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A. allocative efficiency in the industry
B. collusion in the industry
C. concentration ratio
D. product differentiation
Answer: D
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A. a relatively large number of firms
B. collusion among firms
C. firms selling a homogeneous product
D. difficult entry into and exist from the industry
Answer: A
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