In long-run perfectly competitive equilibrium, which of the following is false?
A) There is efficient, low-cost production at the minimum efficient scale.
B) Economies of scale are exhausted.
C) Economic surplus is maximized.
D) Firms earn economic profit.
D
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Refer to the scenario above. If the population of the economy is 200, the per capita national income is:
A) $17. B) $50. C) $10. D) $35.
Will an increase in the minimum wage create more unemployment if the supply and demand for labor are highly elastic or highly inelastic?
What will be an ideal response?
Refer to the given table. Relative to column A, column B represents:Price Per UnitColumn A Units Per YearColumn B Units Per Year$20100110$308595$407080$505565$604050
A. a decrease in demand. B. an increase in supply. C. a decrease in supply. D. an increase in demand.
A U.S. resident purchases a bond issued by the Canadian government. If the Canadian dollar appreciates relative to the U.S. dollar over the term of the bond, the U.S. investor will:
A. not see her return affected since exchange rates are flexible. B. see a lower return on her investment as a result. C. see a higher return on her investment as a result. D. none of the answers provided is correct.