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Any point below a given indifference curve is a inferior to any point on the indifference

Any point below a given indifference curve is a. inferior to any point on the indifference curve. b. preferred to any point on the indifference curve. c. attainable. d. unattainable. Indifference curves a. cross each other. b. slope upward to the right. c. are bowed toward the origin (convex). d. are bowed away from the origin (concave). The short run is a period of time in which a. the firm is not able to vary its use of any input. b. the amount of output is fixed. c. prices and wages are fixed. d. the use of at least one input is fixed. A firm's marginal cost is the increase in its total cost divided by the increase in its a. quantity of labor. b. average cost. c. output d. average revenue. As output increases, marginal cost will a. eventually increase because of the law of increasing returns. b. eventually increase because of the law of diminishing returns. c. eventually decrease because of the law of diminishing returns. d. eventually decrease because of the law of increasing returns. In perfect competition, a. each firm can influence the price of the good. b. there are few buyers. c. there are significant restrictions on entry. d. All firms sell at the same price: they are price takers. In perfect competition, the marginal revenue of an individual firm a. is zero. b. is positive but less than the price of the product. c. equals the price of the product. d. exceeds the price of the product. 6.

Feb 01 2020 View more View Less

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