If a firm takes over a competitor then, according to porter’s 5 forces model ?

A. Buyer power is higher
B. Supplier power is higher
C. Substitute threat is higher
D. Rivalry is lower

If a long run average cost curve is falling form left to right this is an example of ?

A. Increasing returns to scale
B. Decreasing returns to scale
C. Constant returns to scale
D. The minimum efficient scale

When average cost is falling marginal cost is ________ and when average cost is rising marginal cost is?

A. Greater than average cost, greater than average cost
B. Less than average cost, greater than average cost
C. Less than average cost, less than average cost
D. Greater than average cost, less than average cost

Short run average total costs are equals to the sum of ____ and _____?

A. Short run opportunity costs, profit
B. Short run variable costs, profit
C. Short run average variable costs, profit
D. Short run average variable costs, profit run average fixed costs

In the short run a firm will produce zero output if ?

A. Price is greater than short run average total cost
B. Price is between short run average total cost and short run average variable cost
C. Price is less than short run average variable cost
D. Profit is zero

For a competitive firm, its short run supply curve is ______ and its long run supply curve is _____?

A. Smc, lmc
B. Smc above savc, lmc above lac
C. Smc below savc, lmc above lac
D. Smc below savc, lmc bellow lac

Which of the following is not a characteristic of a competitive market ?

A. All of these answers are characteristic of a competitive market
B. The are many buyers and sellers in the market
C. The goods offered for sale are largely the same.
D. Firms generate small but positive economic profits in the long run

If a competitive firm doubles its output its total revenue ?

A. Doubles.
B. More than double
C. Less than doubles.
D. Cannot be determined because the price of the good may rise or fall

The competitive firm maximize profit when it produces output up to the point where ?

A. Price equals average variable cost
B. Marginal revenue equals average revenue
C. Marginal cost equals total revenue
D. Marginal cost equals marginal revenue

In the short run, the competitive firm’s supply curve is the portion of the marginal cost curve that lies above the average variable cost curve?

A. upward-sloping portion of the average total cost curve
B. upward-sloping portion of the average variable cost curve
C. portion of the marginal cost curve that lies above the average total cost curve.
D. entire marginal cost curve.