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Q. If there is excess capacity in a production facility, it is likely that the firm’s supply curve is:

Q. If a rational consumer is in equilibrium, then:

Q. If the short-run average variable costs of production for a firm are rising, then this indicates that:

Q. Which of the following shifts the demand for watches to the right?

Q. Which is not a fixed cost?

Q. --------- goods violate the law of demand after prices have risen above a certain level

Q. As If a few large firms dominate an industry the market is known as:

Q. Which of the following legal restrictions, if enforced effectively, would be likely to solve a prisoners’ dilemma type of problem for the firms involved?

Q. The law of diminishing returns states that:

Q. The price elasticity of demand is defined as