In the long run, a perfectly competitive firm can make an economic profit because its marginal cost equals its average total cost
Indicate whether the statement is true or false
FALSE
You might also like to view...
Which of the following statements correctly differentiates between unemployed workers and discouraged workers?
A) Unemployed workers refer to the skilled workers who have been laid off, while discouraged workers refer to the unskilled workers who have lost their jobs. B) Unemployed workers are counted in the labor force, but discouraged workers are excluded from the labor force. C) Unemployed workers do not have a paid job, while discouraged workers have a paid job. D) The unemployment benefits received by unemployed workers are not capped, while the unemployment benefits received by discouraged workers are capped at a maximum.
U.S. households use about 75 gallons of water per capita per day on the average because
A) the price they must pay for water is low. B) there is so much fresh water in the U.S. C) they use water in irrational ways. D) water is a basic necessity of life. E) water is a basic right.
Refer to Table 2-1. Assume Tomaso's Trattoria only produces pizzas and calzones. A combination of 24 pizzas and 30 calzones would appear
A) along Tomaso's production possibilities frontier. B) inside Tomaso's production possibilities frontier. C) outside Tomaso's production possibilities frontier. D) at the horizontal intercept of Tomaso's production possibilities frontier.
Cournot and Stackelberg oligopolies are similar in that they ________.
A) both compete on price B) both compete on marginal cost C) do not compete D) both compete on quantity