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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What happens to a firm's supply curve when average costs fall?
💡 Hint: Consider how costs relate to supply decisions.
Question 2
Easy
What defines the shut down point in the long run?
💡 Hint: Think about costs when deciding to produce.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does a leftward shift in a firm's supply curve indicate?
- Increased production
- Increased costs
- Reduced market price
💡 Hint: Think about how costs affect supply.
Question 2
True or False: A firm will continue producing if the price is greater than its average cost.
- True
- False
💡 Hint: Consider when firms face losses.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A firm faces a market price decrease from its equilibrium price. Describe the steps the firm should take to optimize its operation in the long run. Include in your response how this adjustment affects its supply curve.
💡 Hint: Link shifts in costs to changes in supply.
Question 2
Consider a firm's long run average cost declines due to technological improvements. Calculate the impact on its supply level and market price given a fixed market demand.
💡 Hint: Explore how efficiency affects competitive dynamics.
Challenge and get performance evaluation