An increase in the marginal cost of production causes
A downward movement along the supply curve
A leftward shift of the supply curve
A rightward shift of the supply curve
An upward movement along the supply curve
Correct answer is D
No explanation has been provided for this answer.
A firm incurs short-run costs when
It cannot increase prices
Operation is at its later stages
Operation is at its early stages
Some inputs cannot be varied
Correct answer is D
No explanation has been provided for this answer.
When a firm's average revenue curve is downward-slopping, it's price elasticity of demand will be
Zero
Greater than one
One
Between zero and infinity
Correct answer is C
No explanation has been provided for this answer.
The price per unit of a commodity to a buyer is the same as the
Normal profit of the seller
Average revenue of the seller
Marginal cost of the commodity
Marginal revenue of the seller
Correct answer is B
No explanation has been provided for this answer.
A constraint on the expansion of a firm is the
Rate of advertisement
Level of producers income
Tastes of the consumers
Size of the market
Correct answer is D
No explanation has been provided for this answer.