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Using a specific elastic consumer product, discuss how you would measure short-run costs, discuss the shape of the marginal cost curve and how to interpret the curve and the relationship between average and marginal costs.

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Joshua Stredder
Joshua StredderLv10
28 Sep 2019

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Related questions

8. SMC always passes through the

a. minimum of both short run total cost curve and short run variable cost curve.

b. minimum of both short run average cost curve and short run average variable cost curve.

c. minimum of the long run average curve.

d. minimum of the short run average cost curve only.

9. In the first-degree price discrimination consumer surplus is

a. determined by elasticity of demand.

b. determined by the difference between P and MR

c. determined by area under the demand curve minus price.

d. zero.

10. A price taker firm faces a

a. perfectly elastic demand curveĀ 

b. declining marginal revenue

c. perfectly elastic supply curve

d. declining market demand curve

11. For a discriminating monopolist, the price is usually

a. higher in the market which has elastic demand

b. higher in the market which has inelastic demand.

c. lower in the market which has inelastic demand

d. higher in the market which as higher marginal revenue.

12. At the point of inflection on the total cost curve.

a. marginal and average costs are equal.

b. marginal cost is maximum.

c. marginal cost is minimum.

d. average cost is minimum.

e. marginal product is minimum.

13. A discriminating monopolist must allocate output by the law of

a. equi-marginal utility c. equi-marginal productivity

b. equi-marginal revenue d. equi-marginal cost

A purely competitive firm's short run supply curve is:
Ā 
A. perfectly elastic at the minimum average total cost
B. upsloping and the portion of the marginal cost curve that lies above the average variable costĀ Ā 
C. upsloping and is the portion of the marginal cost curve that lies above the average total cost curve.
D. upsloping only when the industry has constant costs.

Ā 

A purely competitive firm's short-run supply curve is:

A. perfectly elastic at the minimum average total cost.

B. upsloping and is the portion of the marginal cost curve that lies above the average variable cost curve

C.Ā upsloping and is the portion of the marginal cost curve that lies above the average total cost curve.

D. upsloping only when the industry has constant costs

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