For a perfectly competitive firm at its long-run competitive equilibrium point
A. P = AR = MR = MC = LATC = AVC.
B. P > MR > AR > MC > LATC > ATC.
C. P = AR = MR = LATC = ATC = MC.
D. P = AR = MR = LATC > ATC = MC.
Answer: C
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Figure 11-3
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In Figure 11-3, if person 1 and person 2 have the indicated quantities of cheese and crackers and are on the indicated indifference curves, is there the possibility of mutually beneficial trade? Explain.
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Member countries of the Eurosystem agree to:
A. pursue independent domestic monetary policies based on what is best for their own country, but not all member countries have adopted the euro as their currency. B. share a common monetary policy and use the euro as their currency. C. use the euro as their currency, but each country still pursues an independent monetary policy. D. share a common monetary policy and fiscal policy.
Refer to the above figure. The figure represents the consumption function for a consumer. Point C represents
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