In a long-run equilibrium in a perfectly competitive market, firms are selling at a price equal to marginal cost.
Answer the following statement true (T) or false (F)
True
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Based on the model, the price at the efficient equilibrium is
Consider the following model for the production of refined oil: MSC = 10 + 0.5Q; MEC = 0.3Q; MSB = 30 – 0.3Q; MEB = 0. a. PE = $18 b. PE = $22.50 c. PE = $20 d. PE = $40
Suppose that, in the long run, a dairy's variable costs are VC = 2Q2 (where Q is the number of gallons of milk produced each day), its marginal cost is MC = 4Q and there is an avoidable fixed cost of $50 per day. In the long run, there is free entry into the market. What is the dairy's total cost function?
A. TC = 2Q2 + 4Q B. TC = 4Q + 50 C. TC = 2Q2 + 50 D. TC = 2Q2 + 4Q + 50
In the market for Canadian dollars measured in US dollars, the demand for US dollars is
a. The supply of Canadian dollars b. The demand for Canadian Dollars c. The supply of US dollars d. None of the above
Vote trading in order to pass legislation is commonly called _____
Fill in the blank(s) with the appropriate word(s).