What you have to give up by not putting the resources necessary to acquire it to their next best alternative use

The price you paid for it

Any cost that cannot be recovered

Q(2L, 2K) = 4Q(L, K)

Q(2L, K) = Q(L, 2K)

Q(2L, 2K) = Q(L, K)

Both

Unit production costs are very high at relatively low output levels

Entrance of a second firm to the industry would result in losses for the entrant

Derived by horizontally summing the individual demand curves at each price.

Derived by vertically summing the individual demand curves at each price.

Derived by horizontally summing the individual demand curves at each quantity.

min(ATC) = P

min(MC) = P

min(AVC) = P

The good must be an inferior good with an income effect that dominates the substitution effect

Consumers are irrational

The good must be a normal good with a substitution effect that dominates the income effect

Lukoil gasoline and Rosneft gasoline

Pizza and beer

Gasoline and automobiles

None

Superior technology or scale economies

Production-specific patents

A monopolist has to decrease price of all goods sold if it wants to expand output

Marginal magnitudes consider smaller increments than average ones

Price elasticity of demand decreases as quantity rises

Is downward sloping

Is upward sloping

Has price elasticity greater than unity

There are no idle resources

The costs of production of the goods that are produced are identical

Resources are equally well equipped for the production of any good

min(ATC) = P

min(MC) = P

min(AVC) = P

The Russian budget deficit has reached alarming levels due to crisis.

10% of the population in Russia lives below poverty level.

Moscow had a budget surplus in 2007.

Economists are assuming that other influences on quantity demanded are constant so that the effect of price can be isolated.

The model's predictive power is of little value.

Economists believe price is the only factor that influences quantity demanded.

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