In economics, the term marginal refers to:
A. the change or difference from a current situation.
B. man-made resources as opposed to natural resources.
C. the satisfaction a consumer receives from a good.
D. holding everything else constant in the analysis.
Answer: A
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Suppose all producers in a given industry charge exactly the same price for their product. Uniform prices across an industry proves
A) industry competetitiveness. B) industry monopolization. C) producers cannot be earning monopoly profits. D) absolutely nothing about whether the industry is adequately competitive.
Suppose the long-run supply curve for a perfectly competitive industry is horizontal at a price of $12, and the minimum short-run average variable cost for each of the identical N firms in the industry is $8. If the demand curve for the industry decreases so that it intersects the short-run supply curve of the industry at $10,
A) in the short run the price will decrease to $10, and the number of firms will still be N. In the long run the price will return to $12, and the number of firms will be less than N. B) in the short run the price will decrease to $10, and the number of firms will be less than N. In the long run the price will return to $12, and the number of firms will return to N. C) in the short run the price will remain at $12, and the number of firms will still be N. In the long run the price will fall to $8, and the number of firms will be less than N. D) In the short run the price will decrease to $10, and the number of firms will be less than N. In the long run the price will return to $12, and the number of firms will return to N.