In the short run, a perfectly competitive firm NEVER
A) earns an economic profit.
B) incurs a loss greater than its total fixed costs.
C) produces where MR = MC.
D) earns a normal profit.
B
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If Max's output per hour were 50 in 1994 and 60 in 1995, how much would his marginal productivity be in 1995?
A. 10 B. 50 C. 55 D. 60
The basic federal law enunciating U.S. policy with respect to competition among business firms is the
What will be an ideal response?
An economy has two workers, Paula and Ricardo. Everyday they work, Paula can produce 4 computers or 16 shirts, and Ricardo can produce 6 computers or 12 shirts. To maximize total output, Paula should specialize in producing ________ while Ricardo should specialize in producing ________.
A. computers; shirts B. shirts; shirts C. computers; computers D. shirts; computers
Which of the following is not necessarily a consequence of occupational licensing laws?
A) They restrict competition. B) Consumers pay higher prices for the services of licensed professions. C) They result in a higher quality of service. D) They ensure that licensed professionals meet some minimum qualifications.