Which of the following scenarios would produce the highest market concentration?

An industry with a very low minimum efficient scale

An industry with many firms operating with efficient scale

An industry with some firms operating with diseconomies of scale

An industry where no firm has achieved maximum efficient scale

An industry with a very high minimum efficient scale

The law of diminishing marginal utility pushes consumers' willing purchase-price down for every additional unit of consumption. The law of diminishing marginal returns pushes marginal costs up for firms and increases the price they must charge to make normal profits. These two phenomena are illustrated most clearly by which model?

Supply and demand

Circular flow

Production possibility curve

Total utility

Production function

If barriers to entry ________ or product differentiation ________, competition in a market will ________.

increase; increases; increase

increase; decreases; increase

decrease; increases; increase

decrease; decreases; increase

decrease; decreases; decrease

What is the price elasticity of supply for a good that sees a 1% increase in quantity supplied for a 5% increase in price?

0.2

1

4

5

6

A production possibility curve would ________ if the availability of an input decreased and would ________ if a technology improvement increased production efficiency.

shift outward; shift inward

not move; shift outward

not move; not move

shift inward; shift outward

shift inward; shift inward

Business A must have ________ in cogs if it can produce them for a lower opportunity cost than any other producer of cogs.

an absolute advantage

a comparative advantage

a decreasing trade-off value

relatively low-quality factors of production

relatively poor manufacturing technology

The best alternative foregone for any choice is known as the

associated cost

consumer's marginal utility

resource input cost

explicit cost

opportunity cost

A producer of widgets decides to stop producing widgets. Ceteris paribus, if this producer of widgets had a typical supply curve before their exit from the widget-making industry, what must happen to the market supply curve?

It will not change.

It will become more elastic.

There is insufficient data to determine.

It will shift right at every price with more output supplied.

It will shift left at every price with less output supplied.