For a perfectly competitive firm at its long-run competitive equilibrium point
A) P = AR = MR = LATC = SATC = MC.
B) P = AR = MR = LATC > SATC = MC.
C) P = AR = MR = MC = LATC = AVC.
D) P > MR > AR > MC > LATC > SATC.
A
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Refer to the figure below. 
If Row Resorts offers reduced rates, then Column Cruises would receive the highest payoff if it:
A. kept its rates high. B. offered reduced its rates. C. chose either strategy because it will have the same payoff in either case. D. entered into a cartel with Row Resorts and agreed to jointly reduce rates.
According to the Application, as new products are constantly invented and introduced on the market,
A) the bias in the CPI can be large. B) the bias in the CPI will eventually disappear. C) the bias in the CPI will remain virtually unchanged. D) the bias in the CPI tends to become smaller.
If stock prices follow a random walk, it means
a. long periods of declining prices are followed by long periods of rising prices. b. the greater the number of consecutive days of price declines, the greater the probability prices will increase the following day. c. stock prices are unrelated to random events that shock the economy. d. stock prices are just as likely to rise as to fall at any given time.
If the dollar/pound exchange rate is $2/£, a Big Mac costs $5 in New York City and costs £4 in London, the pound is ________, and U.S. tourists will be ________
A) overvalued; better off in London B) overvalued; better off in New York C) undervalued; better off in London D) undervalued; better off in New York