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St
St. Philips College
ECON 101
Chapter 8
1)In defining economic costs, economists emphasize
- The demand curve confronting a competitive firm
- Which of the following does not affect marginal costs?
- A competitive firm should always continue to operate in the short run as long as
- Which of the following is generally a fixed cost?
- Assuming the entrepreneur does not pay herself, the $1,000 she could earn as an employee elsewhere is considered
- The decision to start or expand a business is known as the
- Market structure is determined by the
- A catfish farmer will shut down production when
- Normal profit implies that
- A monopoly occurs when
- The best measure of the economic cost of doing your homework is
- If a firm can change market prices by altering its output, then it
- Greater-than-normal profit represents
- Marginal revenue is the change in
- The difference between the total revenue and total cost curves at a given output is equal to
- Which of the following represents the change in total cost that results from a one-unit increase in production?
- A firm that makes zero economic profits
- For the perfectly competitive firm, the marginal revenue is always
- The demand curve confronting a competitive firm
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