A competitive firm will exit an industry in the long run when the market price falls below its
a. marginal revenue.
b. marginal cost.
c. average cost.
d. average variable cost.
c. average cost.
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Use the following table to answer the question below. Jake's Production Possibilities ScheduleJane's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn01600801012020602080404030406020400800Without trade, Jake consumes 20 pounds of green beans and 80 pounds of corn, and Jane consumes 40 pounds of green beans and 40 pounds of corn. If the terms of trade are 1 pound of green beans for 3 pounds of corn, and Jake sells Jane 72 pounds of corn, then the gains from trade for Jake are ________ pounds of green beans and ________ pounds of corn with trade and specialization.
A. 16, 32 B. 8, 4 C. 4, 8 D. 32, 16
The income per worker of a country increases if ________
A) the number of children in the country aged below 15 increases B) the country's GDP increases, all other variables remaining constant C) the number of retired people in the country increases D) the country's GDP falls, all other variables remaining constant
A monopolistic competitor can expect to earn an economic profit in the long run
a. True b. False Indicate whether the statement is true or false
The unemployment rate for married men is usually higher than the rate for teenagers.
Answer the following statement true (T) or false (F)