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(A) Average revenue equals average cost.
(B) Average revenue equals average variable cost.
(C) Total costs are minimized.
(D) Marginal revenue equals marginal cost.

(A) Firms can influence market price.
(B) Commodities have few sellers.
(C) It is difficult for new sellers to enter the market.
(D) Each seller has a very small share of the market.

(A) Producer surplus.
(B) Consumer surplus.
(C) Cost-benefit analysis.
(D) Net utility.

(A) X must equal Y.
(B) MU(X) must equal MU(Y).
(C) MU(X) may equal MU(Y), but it is not necessarily so.
(D) X and Y must be substitutes.

(A) The intercepts of the budget line will increase.
(B) The intercepts of the budget line will decrease.
(C) The slope of the budget line may either increase or decrease.
(D) There will be no effect on the budget line.

(A) Measure its slope.
(B) Measure the rate at which one good can be substituted for another.
(C) Measure the rate at which a consumer is willing to trade one good for another.
(D) Represent the quantity of each good that could be purchased if all of the
budget were allocated to that good.

(A) They are concave to the origin.
(B) They are convex to the origin.
(C) Curves closer to the origin have the highest level of total utility.
(D) Curves closer to the origin have the highest level of marginal utility.

(A) May rise or fall, depending on the slope of the budget line.
(B) Rises as you move downward along an indifference curve.
(C) Falls as you move downward along an indifference curve.
(D) Remains the same along a budget line.