1. An upward-sloping portion of a long-run average total cost curve is the result of diseconomies of scale.
Group of answer choices
True
False
2.
The demand for oranges in the Product Market is "relatively price elastic" if:
Group of answer choices
the price of oranges increases by 3% and the quantity demanded falls by 2%
the price of oranges increases by 2% and the quantity demanded falls by 3%
the price of oranges decreases by 3% and the quantity demanded rises by 2%
the price of oranges increases by 3% and the quantity demanded stays the same
3.
The entry of firms into a competitive price-searcher market generally increases the the demand curves for firms that were already selling their products in that market.
Group of answer choices
True
False
4.
Demand will be more price elastic, when the time the consumer has to adjust to price changes is short.
Group of answer choices
True
False