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If a higher level of production allows workers to specialize in particular tasks, a firm will likely exhibit of scale and average total cost. ( )

A. economies, falling
B. economies, rising
C. diseconomies, falling
D. diseconomies, rising

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A perfectly competitive firm ( )

A. chooses its price to maximize profits.
B. sets its price to undercut other firms selling similar products.
C. takes its price as given by market conditions.
D. picks the price that yields the largest market share.

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For a profit-maximizing monopoly that charges the same price to all consumers, what is the relationship between price P, marginal revenue MR, and marginal cost MC? ( )

A. P = MR and MR = MC.
B. P > MR and MR = MC.
C. P = MR and MR > MC.
D. P > MR and MR > MC.

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In the long-run equilibrium of a competitive market with identical firms, what is the relationship between price P, marginal cost MC, and average total cost ATC? ( )

A. P > MC and P > ATC.
B. P > MC and P = ATC.
C. P = MC and P > ATC.
D. P = MC and P = ATC.

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An important element of the market process is that people trade voluntarily and all parties expect to benefit. ( )

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If a higher level of production allows workers to specialize in particular tasks, a firm will likely exhibit ________ of scale and ________ average total cost. ( )

A. economies, falling B. economies, rising C. diseconomies, falling D. diseconomies, rising

A perfectly competitive firm ( )

For a profit-maximizing monopoly that charges the same price to all consumers, what is the relationship between price P, marginal revenue MR, and marginal cost MC? ( )

In the long-run equilibrium of a competitive market with identical firms, what is the relationship between price P, marginal cost MC, and average total cost ATC? ( )

An important element of the market process is that people trade voluntarily and all parties expect to benefit. ( )

If a higher level of production allows workers to specialize in particular tasks, a firm will likely exhibit of scale and average total cost. ( )

A. economies, falling
B. economies, rising
C. diseconomies, falling
D. diseconomies, rising