The position of these five curves in relation to one another reflects:Multiple Choicethe law of opportunity coststhe law of constant coststhe effect of fixed costs upon AC as output increasesthe law of demandincreasing and decreasing returns to scale

Suppose two demand curves have a point in common, where demand and supply are in equilibrium. a. With a price ceiling consumer expenditure will change more with the flatter demand curve b. With a price ceiling consumer expenditures will change by the same amount for both the demand curves c. With a price ceiling consumer expenditure will change infinitely with the steeper demand curve d. With a price ceiling consumer expenditure will change more with the steeper demand curve

Consider a market with a downward-sloping demand curve. Assume that all firms in a competitive market are initially in a long-run and short-run equilibrium. Suppose the variable costs of production increase, which shifts up the marginal cost and average total cost curves to the same extent. In the long run we would expect the price to _________ and the number of firms in the market to ___________.Group of answer choicesincrease; decreaseincrease; increasedecrease; decreasedecrease; increaseNone of the above

A perfectly competitive business's demand curve is a(n):Multiple Choicedownward-sloping straight line reflecting the law of demandstraight line parallel to the horizontal axisstraight line parallel to the vertical axisupward-sloping straight line reflecting the constant value of price as output increasesdownward-sloping convex curve

2. Imperfectly competitive firms have a demand curve that ________ and a marginal revenuecurve that ________ and is ________ the demand curve.A) is horizontal; is horizontal; the same asB) is horizontal; slopes downward; belowC) slopes downward; slopes downward; belowD) slopes downward; is horizontal; aboveE) slopes downward; slopes downward; the same as

The demand curve corresponds to: