Which of the following is true for a profit-maximizing competitive firm in the long run but not a monopolist?

A. MC = MR.
B. MC = P.
C. AR = P.
D. Q > 0.


Answer: B

Economics

You might also like to view...

The downward slope of the demand for money curve is created by the:

a. transactions demand for money. b. precautionary demand for money. c. speculative demand for money. d. all of these.

Economics

Employers tailor compensation packages to attract employees who will give them a competitive edge in the market

Indicate whether the statement is true or false

Economics

If demand is price elastic, a decrease in seller's total revenue would result from a(n)

a. decrease in price b. increase in quantity demanded c. increase in price d. decrease in income for an inferior good e. increase in total cost to the seller

Economics

If a worker is indifferent between a job with a wage of $12 per hour and a job with a wage of $15 per hour, then the

a. higher-paying job enjoys a compensating wage differential of $3 per hour b. higher-paying job enjoys a compensating wage differential of $15 per hour c. lower-paying job is intrinsically more attractive than the higher-paying job d. lower-paying job is just as attractive as the higher-paying job e. worker's preferences are not rational

Economics