Refer to the diagrams, which pertain to a purely competitive firm producing output q and the industry in which it operates. Which of the following is correct?

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A.  The diagrams portray neither long-run nor short-run equilibrium.
B.  The diagrams portray both long-run and short-run equilibrium.
C.  The diagrams portray short-run equilibrium but not long-run equilibrium.
D.  The diagrams portray long-run equilibrium but not short-run equilibrium.


Answer: C.  The diagrams portray short-run equilibrium but not long-run equilibrium.

Economics

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When demand is ____ a percentage change in ____ is exactly offset by the same percentage change in ____ demanded, the net result being a constant total consumer expenditure

a. elastic; price; quantity b. unit elastic; price; quantity c. inelastic; quantity; price d. inelastic; price; quantity e. none of the above

Economics

Policymakers use taxes

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Economics

If the dollar depreciates against the euro it means that French-made goods become more expensive in the United States.

Answer the following statement true (T) or false (F)

Economics