In a long-run equilibrium in a perfectly competitive market, firms are selling at a price equal to average cost.
Answer the following statement true (T) or false (F)
True
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Real GDP per capita is found by
A. dividing population by real GDP. B. subtracting population from real GDP. C. dividing real GDP by population. D. adding real GDP and population.
Refer to the figure above. What is the equilibrium price of bottled water?
A) $4 B) $8 C) $12 D) $18
Two telephone networks that grant access so they can complete each others' calls will be motivated to set efficient prices
Indicate whether the statement is true or false
Total surplus is represented by the area below the
a. demand curve and above the price. b. price and up to the point of equilibrium. c. demand curve and above the supply curve, up to the equilibrium quantity. d. demand curve and above the horizontal axis, up to the equilibrium quantity.