(A) Inelastic

(B) Elastic

(C)Perfectly Elastic

(D)Perfectly Inelastic

(A) Price leadership is a form of tacit collusion

(B)With dominant price leadership the leader in an industry is the biggest firm

(C) With barometric price leadership the leader may change even if the relative size of each firm stays the same

(D) Price leadership breaks down if input prices or demand conditions change

(A) The firm will sell its product at the going market price

(B)The demand curve faced by the firm is downward sloping

(C)The demand curve faced by the firm is horizontal even though the market demand curve is downward sloping

(D)The firm would sell nothing if it set a higher price than the market price

(A) Perfect Competition

(B)Imperfect Competition

(C)Short Period

(D)Very short Period

(A) There might be inefficiency in production

(B)There might be inefficiency in consumption

(C)It might be possible to make one person better off without making another person worse off

(D)There might be considerable inequality of income among the country's citizens

(A) Perfect Competition

(B)Monopoly

(C)Duopoly

(D)Oligopoly

(A) Short Period

(B)Long Period

(C)Very long Period

(D)International

(A) It faces a downward sloping demand curve

(B)It demand curve , and those for its competitor, may all be in different positions

(C)Its will produces at the output where it MR and SMC curves intersect, provided it would make either a profit or a loss that was less than its total fixed cost

(D)It supply curve is part of its marginal cost curve

(A) If the industry has constant costs

(B) If the industry has decreasing costs

(C) If the industry has increasing costs

(D)Never

(A) Perfect Competition

(B)Pure Competition

(C)Imperfect Competition

(D)Monopoly