A.  will charge the highest price it can get

        B.  is guaranteed an economic profit

        C.  will seek to maximize total profit

        D.  is only interested in normal profit

        A.  price-taking behaviour

        B.  economies of scale

        C.  technological progress

        D.  X-inefficiency

        A.  the firm does no advertising and it sells a standardized product

        B.  the firm can easily enter into or exit from the industry and profits are guaranteed

        C.  the firm holds a patent and is technologically progressive

        D.  no close substitutes for the product exist and there is one seller

        A.  budget line is held constant

        B.  money income of the consumer changes

        C.  tastes and preferences of the consumer are held constant

        D.  prices of other products the consumer might purchase change

        A.  budget line is tangent to the highest attainable indifference curve

        B.  indifference curve is concave to the origin

        C.  budget line crosses the vertical axis

        D.  two indifference curves intersect and are tangent to the budget line

        A.  low barriers to entry

        B.  standardized products

        C.  economies of scale

        D.  elastic demand

        A.  easy entry into the industry

        B.  a few large producer

        C.  product standardization

        D.  no control over price

        A.  the oligopolist will go out of business

        B.  the oligopolist will stay in business

        C.  the oligopolist will break even

        D.  any of the above

        A.  direct

        B.  indirect

        C.  upward

        D.  salary

        A.  an ordinal and cardinal measure of utility

        B.  an ordinal measure of utility only

        C.  a cardinal measure of utility only

        D.  all of the above

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