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Supply curves tend to be more ________ the greater the time

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Supply curves tend to be more ________ the greater the time period facing the producer.
        price inelastic
        price elastic
        steeply sloped
        inflexible

We can measure total consumer surplus for good X as ______.
        the sum of the individual consumer surpluses for all buyers of X
        the area above the demand curve for X and below the price of X
        the area bounded by the demand curve for X and the two axes
        all of the above


Along a given demand curve, a decrease in the price of a good _____.
        will increase consumer surplus
        will decrease consumer surplus
        will have no effect on consumer surplus
        It's impossible to tell what will happen to consumer surplus.


Along a given supply curve, a decrease in the price of a good will _____.
        increase producer surplus
        decrease producer surplus
        have no effect on producer surplus
        It's impossible to tell what will happen to producer surplus.


If the price of a good rises, then producer surplus ______.
        will increase
        will decrease
        will remain the same
        may change but we can't tell how

If there is a decrease in supply, total surplus ______.
        will increase
        will decrease
        will remain the same
        may change but we can't tell how


If the government imposes a price ceiling in the market for grapefruit, total surplus _____.
        will increase
        will decrease
        will not change
        may change but we cannot determine the change without more information


The long run is a planning period ______.
        over which a firm can consider all inputs as variable
        that is at least 5 years in length
        that must be over 6 months in length
        that must be between 6 months and 5 years


In the long run _____.
        all inputs are fixed
        inputs are neither variable nor fixed
        at least one input is variable and one input is fixed
        all inputs are variable


A total product curve indicates the relationship between ______.
        variable input and price
        variable input and variable cost
        variable input and output
        output and price


The change in total output resulting from a 1-unit increase in the quantity of an input used, holding the quantities of all other inputs constant, is ______.
        average cost
        average product
        marginal cost
        marginal product


Average total cost is ______.
        the change in cost divided by the change in output
        total cost divided by output
        the change in output divided by the change in costs
        total cost times output


Average variable cost is ______.
        the firm's variable cost per unit multiplied by the output
        total variable cost divided by output
        the difference between average total cost and total variable cost
        the difference between total cost and total variable cost


When marginal cost is below average variable cost, average variable cost must be ______.
        at its minimum
        at its maximum
        falling
        rising


When diseconomies of scale outweigh economies of scale, the ______.
        long-run average cost curve rises
        marginal cost curve declines
        average total cost curve declines
        average variable cost curve declines


Perfect competition is characterized by ______.
        rivalry in advertising
        fierce quality competition
        the inability of any one firm to influence price
        widely recognized brands


For a firm producing at any level of output less than the most profitable one, an increase in output adds ______.
        more to total cost than to total revenue
        more to total revenue than to total cost
        the same amount to total revenue as to total cost
        to total revenue but not to total cost


In the short run, a perfectly competitive firm produces output and earns zero economic profit if _____.
        P > ATC
        P = ATC
        P < AVC
        AVC > P > ATC


The shutdown price is _____.
        the price at which economic profit is zero
        the minimum level of AVC
        the intersection of the MC and ATC curves
        the minimum level of AFC


The supply curve found by summing up the short-run supply curves of all the firms in a perfectly competitive industry is called the _____.
        firm's marginal cost curve
        short-run market supply curve
        the interim market supply curve
        competitive curve
Submitted: 8 years ago.
Category: Homework
Expert:  Joanne replied 8 years ago.
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