In long-run equilibrium,
a. perfectly competitive firms in a decreasing-cost industry can earn economic profits
b. perfectly competitive firms in an increasing-cost industry can earn economic profits
c. perfectly competitive firms in a constant-cost industry can earn economic profits
d. perfectly competitive firms can earn only normal profits
e. no entry occurs in an increasing-cost perfectly competitive industry
D
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The elasticity of supply coefficient for lobster is estimated to be equal to 0.6 . It is expected, therefore, that a 10% decrease in price would lead to:
a. a 6% decrease in the quantity of lobsters supplied. b. a 6% increase in the quantity of lobsters supplied. c. a 10% decrease in the quantity of lobsters supplied. d. a 10% increase in the quantity of lobsters supplied.
Unions understand that they can end up being big winners from inflation if they sign multiyear fixed-wage contracts
Indicate whether the statement is true or false
The table above shows a total product schedule. Suppose that labor costs $20 per worker and fixed costs are $60. The average total cost of producing 80 units equals ________ per unit
A) $0.75 B) $1.00 C) $1.75 D) $60 E) $0.25
According to the scenario above, in which of the following groups are all the people cyclically unemployed?
A) Jung B) Darrelo C) Jung and Rita D) Jung and Thorton E) Thorton