ECON 2100 Midterm: ECON 2100 Kennesaw State ECON2100 Summer2015 Exam3A
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Econ 2100 (summer 2015 sections 07 & 08) For a firm with market power marginal revenue ________________, while for a firm in a. Perfectly competitive market marginal revenue ________________. is less than price; is greater than price. is less than price; is equal to price. is equal to price; is less than price. is equal to price; is greater than price. The short run supply curve of a firm in a perfectly competitive market is the portion of the marginal cost curve which lies above the average variable cost. Curve. the portion of the marginal cost curve which lies above the average total cost curve. a horizontal line at the prevailing market price. a vertical line at the efficient scale of production. Olivier sells ice cream in a perfectly competitive market. He hires a business consultant to analyze his company"s financial records. The consultant recommends that he slightly decrease his quantity sold.