An increase in production costs is most likely to shift the ________.

Which of the following conditions would distinguish a competitive firm from a monopolist?

a. The existence of a demand curve for the firm. b. The slope of the demand curve facing the firm. c. The rule of profit maximization, i.e., produce where MR = MC. d. The relationship between marginal revenue and total revenue. e. The existence of diseconomies of scale.

The consumer price index is

a. a measure of the increase in the average price of all of the goods that are included in the calculation of GDP. b. a comparison of the cost of buying a typical bundle of goods during a given period with the cost of buying the same bundle during an earlier base period. c. the ratio of the average price of a typical market basket of goods compared to the cost of producing those goods during the previous year. d. a comparison of the cost of the typical bundle of goods consumed in period 1 with the cost of a different bundle of goods typically consumed in period 2.