In the long run, a firm will exit an industry if the market price is less than its
a. break-even price.
b. shutdown price.
c. marginal cost.
d. fixed cost.
a. break-even price.
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Market supply is obtained by
A) summing the amount demanded by individual consumers at various prices. B) summing the amount supplied by individual producers at various prices. C) the law of supply. D) observing how the supply curve shifts.
Goods with few available substitutes tend to have inelastic demand curves
a. True b. False Indicate whether the statement is true or false
Private ownership of most of the means of production is common to
A. capitalism and communism. B. capitalism and fascism. C. capitalism and socialism. D. fascism and communism.
Refer to the information provided in Figure 4.3 below to answer the question(s) that follow.
Figure 4.3Refer to Figure 4.3. Retailers will have an excess supply of pencils if the government will not allow retailers to charge less than ________ for a pencil.
A. $0.50 B. $0.45 C. $0.40 D. the equilibrium price