In the long run, the price for a perfectly competitive firm
A. will allow for positive economic profits.
B. will equal marginal cost where marginal cost is at a minimum.
C. will be determined by the firm's supply and demand curves.
D. will equal the minimum average total cost.
Answer: D
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Refer to Table 16.1. Consider the data in the table above (in billions of dollars) for an economy. Gross domestic product (in billions of dollars) for this economy equals
A) $2,700. B) $2,525. C) $2,350. D) $2,100.
Between 1982 and 2002, U.S. GDP per capita grew at an average rate of 5.5 percent per year
a. True b. False Indicate whether the statement is true or false
Which of the following is the best example of a precommitment used to overcome time inconsistency
A. Finding a running partner and setting a regular schedule of when you will run together. B. Deciding to save a percentage of each month's paycheck. C. Signing up for a free trial membership at the local gym. D. Buying an alarm clock.
A decrease in demand will cause the equilibrium price and quantity of a good to fall, ceteris paribus.
Answer the following statement true (T) or false (F)