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In a perfectly competitive industry, the equilibrium price is $10, and the minimum average total cost of the industry’s firms is $20. If this is a constant-cost industry, we can expect that in the long run, firms will _____ the market, shifting the industry’s short-run supply curve _____.

In a direct price discrimination mechanism, a firm _____.

If a firm has market power but cannot prevent its customers from reselling the product, then the firm will

Suppose a firm’s total cost is given by TC = 210 + 10Q + 3Q2, and its marginal cost is given by MC = 10 + 6Q. It operates in a perfectly competitive market where the price per unit of output is $100. What value of Q maximizes the firm’s profits?

In an indirect price discrimination mechanism, a firm _____.

Suppose the equilibrium price for renting an apartment is $800 per month. Concerned about the cost to tenants, the government imposes a price ceiling of $400 per month. This policy will _____.

Suppose the supply curve for backpacks is Q = 2P – 36. What is the highest price at which no producer is willing to sell backpacks (i.e., the supply choke price)?

A firm’s demand curve is given by Q = 50 – P. What is the firm’s corresponding marginal revenue curve?

A firm is producing 8 units of output at an average total cost of $40. When the firm produces 9 units of output, average total cost rises to $54. What is the marginal cost of the 9th unit of output?

Fixed costs exist only in the ____ run, since firms ____ change the amount of capital employed.