fiogf49gjkf0d For the sentences below, choose the appropriate word in the parentheses and fill it in the blank that immediately follows. In the instances where no parenthesized words are suggested, review the chapter content in your textbook and fill in the blank with the word(s) that you think will correctly complete the sentence. For questions with two or more blanks, please separate your answers by comma. |
1. fiogf49gjkf0d In the long run, a perfectly competitive firm’s equilibrium position is at the place where its long-run average cost equals ________________. |
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2. fiogf49gjkf0d For a perfectly competitive firm in the long run, total cost of production equals $500,000. Given that the firm is producing and selling 100,000 units, equilibrium price equals ________________. |
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3. fiogf49gjkf0d In the short run, a firm will continue to produce, even at a loss, as long as the price exceeds ________________. |
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4. fiogf49gjkf0d The producer surplus for a perfectly competitive firm is the ________________ between the _________ curve and the price received for the good or service. |
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5. fiogf49gjkf0d For a perfectly competitive firm, marginal revenue (equals / is lower than / is greater than) ________________ price. |
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6. fiogf49gjkf0d A horizontal long-run supply curve is characteristic of a (variable / constant) ________________ cost industry. |
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7. fiogf49gjkf0d If a firm produces nothing, it must still pay its (fixed / variable) ________________ cost. |
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8. fiogf49gjkf0d The demand curve for a perfectly competitive firm has a (vertical / horizontal) ________________ shape. |
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9. fiogf49gjkf0d A measure of brand loyalty is the percentage of customers buying a particular brand today that will buy this brand ________________. |
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10. fiogf49gjkf0d If the firm is operating in a perfectly competitive market at equilibrium, marginal cost (equals / is greater than / is lower than) ________________ the average cost of production. |
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