Which of the following conditions will be present when a price-taker market is in long-run equilibrium?
a. Price will exceed marginal revenue.
b. Firms will earn economic profit.
c. Marginal revenue will exceed marginal cost.
d. Average total cost will be at a minimum.
D
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The Coase Theorem assumes
a. transactions are costless c. both (a) and (b) b. damages are accessible and measureable d. none of the above
The consumption possibilities curve shows the combinations of goods that can be
A) consumed by a nation after trading begins. B) produced by a nation after trade begins. C) produced by a nation before trading begins. D) consumed by a nation before trade begins.
A positive economic profit signals that the investors of a firm should divert their funds to alternative ventures
a. True b. False Indicate whether the statement is true or false
The dual mandate does NOT include which of the following?
A. maximum employment B. stable prices C. the value of the dollar