CHAPTER 10: THỊ TRƯỜNG CẠNH TRANH HOÀN HẢO

In the short run, the supply curve of perfectly competitive firms is?

• The short-run marginal cost curve of the firm

• The portion of the marginal cost curve that lies above the ATC curve

• The portion of the marginal cost curve that lies above the AVC curve

• The portion of the marginal cost curve that lies below the AVC curve

In the long run, the supply curve of a firm in a perfectly competitive market is?

• Marginal cost curve MC

• Average total cost curve ATC

• The part of the marginal cost curve that lies above the ATC curve

• The part of the marginal cost curve that lies above the AVC curve

When P < AVC, the enterprise should?

• Produce at the output level where MR = MC

• Produce at the output level with AVC min

• Continue production at P = MC

• Stop production

At the output level where MC = MR, the enterprise:

• Has achieved maximum profit

• Has minimized losses

• Should better close down

• All three cases can occur

What is marginal revenue (MR)?

• Additional revenue in total revenue when the product price changes

• Additional revenue in total revenue when selling one more product

• It is the slope of the isocost line

• It is the slope of the indifference curve

In the long term, when does a business break even?

• P = AVCmin

• AVC < P < ATC

• P = ATC min

• P > ATC

In the short term, when should a business decide to close production?

• P < AVC

• AVC < P < ATC

• P < ATC

• P > AVC

In the long run, when does a business decide to enter the market?

• P > AVC

• P < AVC

• P = ATC

• P > ATC

In the long run, when does a business decide to exit the market?

• P > ATC

• P > AVC

• P < AVC

• P < ATC

In the short term, to decide whether a business should close production or not, we should compare which two values below?

• P and MC

• P and MR

• P and ATC

• P and AVC