The short-run supply curve for a firm in a perfectly competitive market is
A. horizontal.
B. likely to slope downward.
C. determined by forces external to the firm.
D. the portion of its marginal cost curve that lies above its average variable cost.
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A firm that shuts down temporarily has to pay
A. its variable costs but not its fixed costs.
B. its fixed costs but not its variable costs.
C. both its variable costs and its fixed costs.
D. neither its variable costs nor its fixed costs.
When fixed costs are ignored because they are irrelevant to a business's production decision, they are called
A. explicit costs.
B. implicit costs.
C. sunk costs.
D. opportunity costs.
You purchase a $30, nonrefundable ticket to a play at a local theater. Ten minutes into the show you realize that it is not a very good show and place only a $10 value on seeing the remainder of the show. Alternatively you could leave the theater and go home and watch TV or read a book. You place an $8 value on watching TV and a $12 value on reading a book.
A. You should stay and watch the remainder of the show.
B. You should go home and watch TV.
C. You should go home and read a book.
D. You should go home and either watch TV or read a book.
When new firms enter a perfectly competitive market,
A. economic profits of existing firms will continue to be zero.
B. entering firms will earn zero economic profit upon entry into the market.
C. existing firms may see their costs rise if more firms compete for limited resources.
D. prices will rise as existing firms raise prices to keep new firms out of the market.
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