econ 5 and 6

The supply line in the product market typically slopes __ because the cost of each successive unit produced rises.

up

Alfred Marshall's analysis of microeconomic theory provided a framework that takes into account both supply and __ conditions when determining price.

demand

In the long run, according to Ricardo, the supply line was believed to be __.

horizontal

The economists Jevons, Menger, and Walras argued for a __ supply line, stating that supply was fixed by the quantity available.

vertical

Marshall argued that the short run represents an __ case in market conditions where the supply line slopes up due to increasing costs.

intermediate

When the marginal product of labor rises and then falls, the marginal cost of production __, reflecting the cost of each additional unit produced.

rises

The upward sloping segment of the marginal cost curve represents the firm's __ line.

supply

When input prices rise, it causes the firm's __ curve to shift upward.

supply

Normal return is the minimum profit necessary to cover the opportunity cost of __ production.

business

In perfect competition, firms are considered __ because they must accept the market price.

price takers

The sum of all individual firms' supplies for a given good or service defines the __ supply for that good or service.

market

An increase in the number of firms in the market will shift the market supply line to the __.

right

If the cost of production rises due to bad environmental conditions, the supply line shifts __.

up

The marginal cost curve intersects the average cost curve at the __ point of the average cost curve.

minimum

Under perfect competition, firms strive to achieve the __ levels of production and cost in pursuit of profits.

most efficient