St. Philips College

ECON 101

Chapter 8

1)In defining economic costs, economists emphasize

2. The demand curve confronting a competitive firm

3. Which of the following does not affect marginal costs?

4. A competitive firm should always continue to operate in the short run as long as

5. Which of the following is generally a fixed cost?

6. Assuming the entrepreneur does not pay herself, the $1,000 she could earn as an employee elsewhere is considered

7. The decision to start or expand a business is known as the

8. Market structure is determined by the

9. A catfish farmer will shut down production when

10. Normal profit implies that

11. A monopoly occurs when

12. The best measure of the economic cost of doing your homework is

13. If a firm can change market prices by altering its output, then it