If you must determine the long-run equilibrium output of a perfectly competitive firm and you are permitted to see only one curve, which of the following curves is most helpful?
a. demand
b. marginal cost
c. average cost
d. average fixed cost
c
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If the government is most interested in minimizing excess burden of an excise tax, should it impose the tax on goods that are elastic or on goods that are inelastic?
What will be an ideal response?
The market demand curve for a particular good
A) is the horizontal sum of all individual demand curves for the good. B) may be less than an individual demand curve for the good. C) may or may not show a direct relationship between price and quantity demanded. D) will not be affected by any of the determinants of individual demand.
When growth goes down, unemployment tends to go:
A. up shortly after, and vice versa. B. down shortly after, and vice versa. C. down at the same time, and vice versa. D. up at the same time, but remains sticky on the way down and lags behind.
The science of "knowing the customer" is referred to as
A) revenue management. B) reverse elasticity. C) supply analysis. D) equilibrium analysis.