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AGEC 105 - chapter 8 Questions with Answers (100%
Correct Answers)
the market equilibrium also represents what? Answer: market clearing
price
Or where the supply curve and demand curve intersect
In a perfectly competitive firm, the supply curve is represented by....
Answer: The MC curve being above the minimum AVC point
the market supply curve is always Answer: linear
horizontal summation
what is the formula for own-price elasticity of supply? Answer: (∆Q ÷
∆P) x (average of P ÷ average of Q)
what is the concept of producer surplus? Answer: producer surplus is
used for profit
π=profit
© 2025 All rights reserved
AGEC 105 - chapter 8 Questions with Answers (100%
Correct Answers)
the market equilibrium also represents what? Answer: market clearing
price
Or where the supply curve and demand curve intersect
In a perfectly competitive firm, the supply curve is represented by....
Answer: The MC curve being above the minimum AVC point
the market supply curve is always Answer: linear
horizontal summation
what is the formula for own-price elasticity of supply? Answer: (∆Q ÷
∆P) x (average of P ÷ average of Q)
what is the concept of producer surplus? Answer: producer surplus is
used for profit
π=profit
© 2025 All rights reserved