Below, the graph on the left shows long-run average and marginal cost for a typical firm in a perfectly competitive industry. The graph on the right shows demand and long-run supply for an increasing-cost industry.
What output will the firm produce?
A. 400
B. 350
C. 300
D. 250
Answer: A
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If one cigarette company raises its prices and the next day all the other companies in the industry raise their prices by the same amount, this industry would be using _________ to set prices.
Fill in the blank(s) with the appropriate word(s).
In a barter economy with "n'' number of goods there will always be:
A. fewer than "n'' relative prices. B. "n''/2 relative prices. C. exactly "n'' relative prices. D. more than "n'' relative prices.
Over the last 50 years, as a percentage of GDP, the current account deficit has been
A. fixed at zero. B. trending smaller. C. trending larger. D. roughly constant.
Table 9.4 represents 3 markets for used motorcycles. Which of the markets in Table 14.4 are NOT in equilibrium?
A. 1 only B. 2 only C. 3 only D. 1 and 3