The long-run perfectly competitive equilibrium
A. results in normal profits.
B. is not economically efficient.
C. will never change once it is realized.
D. is realized only in constant-cost industries.
Answer: A
You might also like to view...
Which of the following is most important if a country is going to grow rapidly and achieve a high level of per capita income?
a. an abundance of natural resources b. a warm moist climate c. a small population relative to the geographic size of the country d. institutions and policies that encourage people to engage in productive activities
A dominant strategy
A. results in the best outcome for a player if other players also play the same strategy. B. is the best strategy for a player, regardless of the strategy chosen by other players. C. is present in every game. D. is identical to a Nash equilibrium.
The answer to the question of whether or not a U.S. dollar will buy more in the U.S. or in a foreign country is determined by:
A. whether the nominal exchange rate is > or < than 1. B. you cannot determine the answer until you travel to the foreign country and convert U.S. dollars to the foreign currency. C. the real exchange rate. D. the nominal exchange rate.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point A necessarily represents
A. only hybrid cars being produced. B. an unattainable production point. C. what society wants. D. the economy's optimal production point.