For the perfectly competitive firm, price
A. equals average total cost.
B. equals average revenue and marginal revenue.
C. changes as output changes.
D. depends on the fixed cost for the firm.
Answer: B
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If policy makers estimate the natural rate of unemployment incorrectly, _____
a. their policies will cause deflation in the long run b. their policies will cause even more unemployment in the long run c. the economy will stay below its potential GDP in the long run d. the economy will tend toward the level of unemployment the policy makers believe is correct e. policies that appear to be successful in the short run will lead to further economic problems
Societies in which _____ produce more entrepreneurs
a. the ratio of immigrants to the local population is high b. culture supports individual achievements c. individuals are self-interested d. immigrants are allowed to hold government positions e. immigrants are more intelligent than the local population
Based on the graph showing the 2016 U.S. health dollar, most health care dollars go to ______.
a. prescription drugs
b. nursing homes
c. hospital care
d. physician care
Juan and Lauren have decided to stop studying economics and get a bite to eat. Juan wants to go for a pizza and Lauren wants a hot dog They decide to go for pizza. What can we conclude from this?
A) Juan always gets more utility from pizza than Lauren does. B) Lauren gets less utility from pizza than she could from a hot dog. C) Lauren will get negative utility from the pizza. D) Utility analysis does not work here since Lauren did not eat a hot dog.