In long-run equilibrium, which of the following is not equal to price for a perfectly competitive firm?
A. short-run average variable cost
B. long-run average total cost
C. short-run marginal cost
D. short-run average total cost
Answer: A
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Other things remaining the same, if the quantity of money increases by a given percentage, then in the long run the ________ by the same percentage
A) real interest rate rises B) price level rises C) nominal interest rate falls D) price level falls E) real interest rate falls
In the United States, most workers
a. work for government of some sort. b. produce raw materials for manufacturing. c. work in agriculture and farming. d. produce services rather than goods.
Assume that there are only two countries in the world, the United States and Japan. What creates the demand for and supply of Japanese yen on the foreign exchange market? Name three different things that could cause the yen to appreciate in value
Firm A? High PriceLow PriceFirm BHigh priceA = $250A = $325??B = $250B = $200?Low priceA = $200A = $175??B = $325B = $175Refer to the above payoff matrix. Which of the following statements is most accurate?
A. There is no incentive for the firms in this industry to collude. B. The most likely outcome of this game is that one firm will price high and the other will price low. C. The competitive equilibrium for this game is for both firms to price high. D. If the two firms collude to price high, given the opportunity, firm B will cheat on the agreement and price low to increase profits.