If this firm were a perfect competitor, at what output would it produce in the long run?
A. OP
B. OM
C. OL
D. None of the choices are correct.
C. OL
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Capital shallowing occurs because old capital depreciates, or becomes completely obsolete with the passage of time
a. True b. False Indicate whether the statement is true or false
During the 1980s and 1990s, the percentage of GDP spent on government spending was lowest in which of the following economies?
a. Japan b. Italy c. France d. United Kingdom e. United States
The term “stagflation” was invented in the 1970s to describe an economy experiencing both
A. deflation and economic stagnation. B. inflation and economic stagnation. C. high inflation and high employment. D. high inflation and high levels of economic growth.
Which is a barrier to entry?
A. Profit maximization B. Patents C. Revenue maximization D. Elastic product demand