Determine the value of avc

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Reference no: EM13183404

1. A firm in an industry which is NOT perfectly competitve faces a demand curve which is

a. downward sloping

b. unitary elastic

c. perfectly elastic

d. upward sloping

2. if most firms were losing money in a purely competitve industry

a. firms would leave the industry, shifting the supply curve back and increasing price to where P= MC=ATC

b. firms would institute a price floor to insure that profit could be earned in the long run

c. new firms would enter the industry, shifting the market supply curve out and reducing price

d. government agencies would enforce regulations such as the Celler-Kefauver Antimerger Act in order to promote more profitable operations

3. In a situation of imperfect competition

a. P< MR

b. P> MR

c. P = MR

4. The physical relationship between a firms input use and output production is called the ________?

5. A firms total revenue (input costs + the opportunity costs of the owners capital + any other inputs supplied by the firms owner) equals that firms _________?

6. At the point where marginal physical product equals zero, ____________ of production begins.

7. If average variable cost is less than marginal cost, AVC must be __________?

Reference no: EM13183404

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