Match the corresponding word/s to complete the statement above. If the marginal cost equals average cost, we are at the (4.) point of the (5) curve. Over the positively sloped portion of the short-run average cost curve, the effect of productivity dominates the effect of (6.).
Match the corresponding word/s to complete the statement above.
If the marginal cost equals average cost, we are at the (4.) point of the (5) curve.
Over the positively sloped portion of the short-run average cost curve, the effect of productivity dominates the effect of (6.).
An increase in the price of shirts will cause firms to (7.) the industry, and as output increases, the (8.) of production increases. Entry of firms will continue until price (9.) average cost.
Your firm has a price of $5, an average cost of $7, and an
The competitive market’s demand curve is (11.) sloping while that of the competitive firm is (12.).
If the marginal product equals the average product, we are at the (13.) point of the (14.) curve.
If the market price equals a firm’s break-even price, the firm earns its (15.) profit.
For a
When marginal product is increasing, the total product is increasing at (17.).
If the average product is greater than the marginal product the next average product will (18.).
For non-collusive oligopolies, demand is relatively (19.) when one firm decreases its price and other firms would (20.) follow.
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