The above figure shows the demand and cost curves for a firm in ________ in the ________
A) perfect competition; short run
B) monopolistic competition; long run
C) perfect competition; long run
D) monopolistic competition; short run
D
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Refer to the below graph. A change from Point A to Point C represents a(n)
a. increase in supply.
b. decrease in supply.
c. increase in quantity supplied.
d. decrease in quantity supplied.
Average cost curves decline because
a. fixed cost is spread out over larger amounts of production. b. it becomes cheaper to produce an infinite amount of goods. c. additional units of production are inferior. d. variable costs increase with each additional amount of production.
If GDP is $12,000 and velocity is 4, the money supply is
A) $27,000. B) $12,000. C) $4,000. D) $3,000. E) There is not enough information provided to answer this question.
Molly received an autographed poster of David Hasselhoff for her 21st birthday. Her friend Helga offered her $50 for the poster, but Molly refused to sell the poster even though she knows she would never pay that much to replace it if it was ever damaged
or destroyed. Explain this inconsistency in Molly's behavior. What will be an ideal response?