Which of the following characterizes long-run equilibrium in perfect competition?
A) P = MC = ATC
B) P = MC < ATC
C) P > MC = ATC
D) P = MC > ATC
A
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In a market system, what provides individuals the information needed to make decisions?
A) insurance B) government C) patents D) prices
If a bond was to pay off one year from now for $440 and the interest rate is 10 percent, what is the price of the bond?
A) $44 B) $400 C) $440 D) $484
Newspaper vending machines are often built so that customers can pay to lift a door and take a paper off a pile of daily newspapers. Newspaper distributors are NOT concerned about customers taking the whole stack of papers because
A. the price of a daily newspaper is relatively low. B. the total utility of a daily newspaper is zero. C. the marginal utility of a second daily newspaper is zero. D. the marginal utility of any one daily newspaper is zero.
Behavioral economists have discovered that
A) experimental design is important. B) experimental design doesn't matter for most questions. C) experimental design only matters when people have bounded rationality. D) experimental design doesn't matter when people have bounded rationality.