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1.1 The firm-specific demand curve shows the relationship between the charged by the firm and the by the firm."

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"1.5 In Pakistan, the market for phone service is perfectly because a person can enter the market with a relatively small initial investmentonly $310."

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"2.1 Economic profit equals minus ."

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"2.3 For a perfectly competitive firm, marginal revenue equals , and to maximize profit, the firm produces the quantity at which equals ."\

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page 215:

"3.1 A firm will continue to operate an unprofitable business if exceeds cost."

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"3.3 A firm that is losing money should continue to operate in the short run if the market price exceeds ."

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"4.1 A firms short-run supply curve shows the relationship between on the horizontal axis and on the vertical axis."

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"4.5 A firm making zero economic profit stays in the market because total revenue is high enough to cover all the firms costs, including the opportunity costs of the entrepreneurs and"

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Page 216

"5.2 Arrows up or down: As the total output of an increasing-cost industry increases, the average cost of production because input prices and the productivity of inputs used by firms ."

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Page 217

"7.1 As the total output of a constant-cost industry increases, the cost does not change, so the long-run supply curve is (horizontal/positively sloped/negatively sloped)."

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