What is meant by the term "long-run competitive equilibrium?
What will be an ideal response?
Long-run competitive equilibrium refers to the situation in which the entry and exit of firms to and from a market results in the typical firm breaking even.
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Between 1981 and 2013, deaths from cancer have increased in the United States
Indicate whether the statement is true or false
Economic studies have shown that countries that have high inflation rates have lower rates of economic growth than do countries with low inflation rates. Explain what underlies this relationship between inflation and economic growth
What will be an ideal response?
Equilibrium in the market for funds occurs when the
a. lenders and borrowers are mutually satisfied at some interest rate. b. marginal revenue product of investment using the funds equals the interest rate. c. demand curve for funds and the supply curve for funds intersect. d. All of the above are correct.
If the government grants tax credits to first-time homebuyers, the supply of houses would increase and the price of housing would fall
Indicate whether the statement is true or false