If all firms are identical, output prices will never change.

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


False

Rationale: If costs change, the lowest point of AC curves for firms will change -- and this in turn will change the long-run supply curve and cause a change in price.

Economics

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All points above a given indifference curve are

A) inferior to any point on the indifference curve. B) preferred to any point on the indifference curve. C) definitely not affordable. D) Both answers Band C are correct.

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The total cost (TC) of producing computer software diskettes (Q) is given as: TC = 200 + 5Q. What is the average total cost?

A) 500 B) 5Q C) 5 D) 5 + (200/Q) E) none of the above

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An increase in the U.S. price level, other things constant, will _____

a. increase U.S. exports and decrease U.S. imports b. increase U.S. exports and leave U.S. imports unchanged c. decrease U.S. exports and increase U.S. imports d. decrease U.S. exports and leave U.S. imports unchanged e. leave both U.S. exports and U.S. imports unchanged

Economics

Which of the following owns the largest portion of the U.S. national debt?

A. State and local governments. B. The federal government. C. Foreigners. D. The private sector.

Economics