The cost to a firm of producing one more unit of output
A. is significantly less than the firm's price for purely competitive firms operating in long-run equilibrium.
B. usually equals the firm's price for monopolistically competitive firms.
C. is the firm's marginal cost.
D. usually exceeds the firm's price.
Answer: C
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When a firm produces and sells a refrigerator worth $1,000, its contribution to the gross domestic product (GDP) on the income side is measured by: a. the price paid by the consumer
b. the investment made by the firm to manufacture the refrigerator. c. the stock of inventories used by the firm to manufacture the refrigerator. d. the cost of raw materials used by the firm to manufacture the refrigerator. e. the sum of the wages, interest, and rent paid by the firm's owners and the profit of the firm.
Look in your wallet. Your credit cards are
a. M1 money b. M2 and fiat money c. fiat money d. near money e. not money
The Fed can increase the money supply by conducting open market sales of U.S. Treasury Bonds, or by raising the required reserve ratio
Indicate whether the statement is true or false
If the United States is a net importer of bananas, free trade will benefit the
A. rich citizens of the Unite States. B. poor citizens of the United States. C. domestic banana consumers. D. domestic banana producers.