If a monopolist is incurring short-run losses, this means that his
Selling price is above the short-run marginal cost
Selling price is below the short-run marginal cost
Average revenue is greater than marginal revenue
Average reveune is less than marginal revenue
Correct answer is B
No explanation has been provided for this answer.
The supply curve of a perfectly competitive firm is identical to its
Total cost
Marginal cost
Fixed cost
Variable inputs
Correct answer is B
No explanation has been provided for this answer.
The shape of the long-run average cost curve is best explained by the
Law of diminishing returns
Law of returns to scale
Cost of fixed inputs
Cost of variable inputs
Correct answer is B
No explanation has been provided for this answer.
As the level of output increases, the average fixed cost of a firm will
Continue to decrease
Remain unchanged
Continue to increase
Be equal to the total cost
Correct answer is A
No explanation has been provided for this answer.
MP is greater than AP
MP is less than AP
MP is equal to AP
MP is equal to zero
Correct answer is A
No explanation has been provided for this answer.