The perfect competitor shown in the graph is in the
A. short run making a profit.
B. short run taking a loss.
C. long run making a profit.
D. long run taking a loss.
A. short run making a profit.
You might also like to view...
When the marginal product of labor is a maximum, the average product of labor is ________
A) a maximum B) increasing C) decreasing D) equal to marginal product
In the United States, ________ percent of all firms are sole proprietorships
A) 4 B) 14 C) 72 D) 82
Refer to Figure 11-18. A curve that connects points A, D, and E is called
A) a total cost line. B) an expansion path. C) an indifference line. D) an input-output curve.
Refer to Scenario 2.1. If P = $25, which of the following is true?
A) There is a surplus equal to 30. B) There is a shortage equal to 30. C) There is a shortage, but it is impossible to determine how large. D) There is a surplus, but it is impossible to determine how large.