For a competitive firm, its short run supply curve is _____ and its long run supply curve is _____?
In the short run a firm will produce zero output if ?
Short run average total costs are equals to the sum of ____ and _____?
When average cost is falling marginal cost is ________ and when average cost is rising marginal cost is?
If a long run average cost curve is falling form left to right this is an example of ?
In monopolistic competition ?
If a firm takes over a competitor then, according to porter’s 5 forces model ?
In monopolistic competition of firms are making abnormal profit other firms will enter and ?
Which of the following is not one of the four Ps in marketing ?
In monopolistic competition ?
in long-run equilibrium in a competitive market, firms are operating at ?
If an input necessary for production is in limited supply so that an expansion of the industry raises costs for all existing firms in the market, then the long-run market supply curve for a good could be ?
In the long-run some firms will exit the market if the price of the good offered for sale is less than ?
A grocery store should close at night if the ?
In the short run, the competitive firm’s supply curve is the portion of the marginal cost curve that lies above the average variable cost curve?
The competitive firm maximize profit when it produces output up to the point where ?
If a competitive firm doubles its output its total revenue ?
Which of the following is not a characteristic of a competitive market ?
In the long run in perfect competition ?
In perfect competition ?
In perfect competition ?
In perfect competition ?
A competitive firm produces a level of output at which ?
A competitive firm demand curve is ?
For perfect competition to work there must be ?
In a competitive industry each buyer and seller ?
Holding all factors constant except one and increasing a variable factor is expected to lead to steadily decreased marginal product of that factor, this is an example of ?
The short run marginal cost curve cuts the short run total cost curve and short run average variable cost curve ?
The firms long run output decision will be where ?
If a firm is not operating at the output necessary to achieve all scale economies, it has not achieved its ?
Decrease returns to scale means that ____ as ______?
A production is technique is technically efficient if ?
In marketing “USP” stands for ?
In Porter’s five force model conditions are more favorable for firms within an industry if ?
Effective branding will tend to make ?
In monopolistic competition firms profit maximize where ?
In monopolistic competition ?
If the long-run market supply curve for a good is perfectly elastic, an increase in the demand for that good will, in the long run, cause ?
If all firms in a market have identical cost structures and if inputs used in the production of the good in that market are readily available, then the long-run market supply curve for that good should be ?
The long-run market supply curve ?
In the long run, the competitive firm’s supply curve is the ?
If a competitive firm is producing a level of output where marginal revenue exceeds marginal cost the firm could increase profit if it ?
For a competitive firm, marginal revenue is ?
Which of the following market would most closely satisfy the requirements for a competitive market ?
For a perfectly competitive firm ?
In the short run firms in perfect competition will still produce provided ?
In the long run in perfect competition ?
A profit maximizing firm is perfect competition produces where ?
Firms in perfect competition face a?

In perfect competition ?

A. Short run abnormal profits are completed away by firms leaving the industry
B. Short run abnormal profits are competed away by firms entering the industry
C. Short run abnormal profits are competed away by the government
D. Short run abnormal profits are competed away by greater advertising

Correct Answer: Short run abnormal profits are competed away by firms entering the industry ✔

Last Updated: June 11, 2019