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Matching Post Quiz
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Match the correct answers below.
1


A market structure in which there are many firms.

2


Relatively more elastic than the long-run supply curve.

3


Occurs where P=AC.

4


The area between the prevailing market price and the supply curve.

5


The payment for the use of an input.

6


Perfectly competitive firms.

7


Occurs where P=MC.

8


Will occur where AC=MC=P.

9


P=MU, P=MC, and MU=MC

10


Exists when no reorganization of production can make anyone better off without making someone else worse off.

11


Has a positive slope at low price levels and has a negative slope at high price levels.

12


Can be derived by summing the supply curves of the individual producers.

13


A market failure.

Answer choices for questions 1 through 13
A)Short-run supply curve
B)Conditions for allocative efficiency
C)Rent
D)Backward-bending supply curve
E)Allocative efficiency
F)Allocative efficiency
G)Long-run equilibrium
H)Imperfect information
I)Zero-profit point
J)Perfect competition
K)Producer surplus
L)Price-takers
M)Market supply curve





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