Exhibit 7-18 A typical firm in a perfectly competitive market
?

As shown in Exhibit 7-18, the perfectly competitive firm is in long-run equilibrium at a price of:

A. $100.
B. $200.
C. $300.
D. $400.


Answer: B

Economics

You might also like to view...

What is meant by "tax shifting"?

What will be an ideal response?

Economics

A profit-seeking firm will choose the combination of inputs that maximizes profit, based on the:

A. ratio of each factor of production. B. substitutability of each factor of production. C. local price of each factor of production. D. total productivity of each factor of production.

Economics

How is inflation typically measured? What are the different types of inflation? Why is it important to know which type of inflation we may be experiencing?

Economics

All economic transactions involve only buyers and sellers; no third parties are involved.

Answer the following statement true (T) or false (F)

Economics