(A) Very short Period

(B)Short Period

(C)Long Period

(D)Very long Period

(A) If the industry has constant costs

(B) If the industry has decreasing costs

(C)If the industry has increasing costs

(D)Never

(A) They include monopolistic competitors and monopolists

(B)They can always raise their prices and still retain some customers

(C)They may set different prices in the short run and in the long run

(D) We do not analyse them using diagrams with supply and demand curve

(A) Different

(B)Uniform

(C)Very high

(D)Very low

(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) 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) Perfect Competition

(B) Imperfect Competition

(C)Short Period

(D)Very short Period

(A) The market supply curve represents the individual supply curves of all firms which produce the product added together

(B) The market supply curve may shift if there is a change in the behaviour of some firms which produce the product

(C)The market supply curve may shift if there is change in the price of the product

(D) The market supply curve may shift if there is a change in the number of firms which supply the product

(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) Monopoly

(B)Perfect Competition

(C)Oligopoly

(D)Duopoly