308) A profit-maximizing perfect competitor is in short-run equilibrium with an output of 100 per day. Which of the following events would not cause it to alter its output in the short-run?

A change in the demand for the product it makes

A change in the number of other firms in its industry

A change in the price of a fixed input

A change in the price of a variable input

Answer is:

A change in the price of a fixed input

Only its LMC

Only its LMC and its LAC

Only its LMC and its SMC

Its LMC, LAC, SMC and SAC

Answer is:

If the industry has constant costs

If the industry has decreasing costs

If the industry has increasing costs

Never

Answer is:

They include monopolistic competitors and monopolists

They can always raise their prices and still retain some customers

They may set different prices in the short run and in the long run

We do not analyse them using diagrams with supply and demand curves

Answer is:

The demand and average revenue curves only

The demand and marginal revenue curves only

The average revenue and marginal revenue curves only

The demand, average revenue and marginal revenue curves

Answer is: