quiz3practicefall09key pdf.pdf - quiz3practicefall09 Key 2(p 239 An assumption of a competitive market is that both the buyers and sellers are price

quiz3practicefall09key pdf.pdf - quiz3practicefall09 Key...

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quiz3practicefall09 Key Colander - Chapter 11 ch11 1.(p. 247)Refer to the graph above. A perfectly competitive firm would neveroperate if the price drops to which segment of the marginal cost curve? A.AC B. CD C. DE D. CE A perfectly competitive firm operates only on that portion of the marginal cost curve that lies above the average variable cost curve. If price intersects marginal cost below the average variable cost curve, the firm shuts down. AACSB: Reflective Thinking AP: Yes BT: Application Colander - Chapter 11 Difficulty: Medium Learning Objective: 11-3 Skill: Application Source: Revised Type: Graph ch11 #10 2.(p. 239)An assumption of a competitive market is that both the buyers and sellers are price takers. When we go to the mall to shop for clothing or to the grocery to buy food, what do we usually observe? AACSB: Reflective Thinking AP: Yes BT: Application Colander - Chapter 11 Difficulty: Medium Learning Objective: 11-1 Skill: Application Type: Word problem ch11 #18 Colander - Chapter 11 ch11
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