I am studying for my next Micro exam, could anyone answer these so that I can add them on my flash cards? A period of time that is extended enough for all inputs to be varied, i.e. during which there are no fixed costs faced by the firm is called _______________, and the period, during which quantity of some inputs cannot be changed is called ________________. Kinked demand curve is faced by the firms operating in the ___________________ industry, whereas a _____________________ firm faces downward sloping individual demand curve that is identical to the market demand curve. When the government increases _______________ taxes this does not affect firm's marginal costs and thus, its profit-maximizing output rate does not change, but if _________________ taxes are raised, this will increase the firm's marginal costs and reduce its profit-maximizing rate of output