Firms in a perfectly competitive industry are producing goods efficiently in the long run if each is producing at the minimum point of the
A. MC curve.
B. LAC curve.
C. AFC curve.
D. AVC curve.
Answer: B
You might also like to view...
At the current level of output, the marginal social benefit from a slice of pizza is less than the marginal social cost of producing a slice of pizza
Resources will be used more efficiently if ________ slices of pizza are produced and ________ other goods are produced. A) fewer; fewer B) more; fewer C) more; more D) fewer; more
Refer to Table 8-17. What is nominal GDP in 2011?
A) $3,320 B) $3,690 C) $6,360 D) $7,035
Which of the following best defines consumer surplus?
a. the amount that individuals actually paid, minus the amount that they would have been willing to pay b. the amount that a seller is paid for a good minus the seller’s actual cost c. the amount that individuals would have been willing to pay, minus the amount that they actually paid d. when it is impossible to improve the situation of one party without imposing a cost on another
Which of the following could be responsible for the depreciation of a country's currency?
A. The country expands its tourist industry. B. The country defaults on bonds held by foreigners. C. The country experiences a sudden drop in the rate of inflation while other nations do not. D. Speculators anticipate economic growth in that nation.