Which statement is true about the perfect competitor?
A. Firms operate at peak efficiency in the short run.
B. Economic profits are greater than accounting profits.
C. Firms that survive must make a profit in the long run.
D. The demand curve is perfectly elastic for each firm.
D. The demand curve is perfectly elastic for each firm.
You might also like to view...
Surgical weight loss procedures are cheaper and safer than ever. As a consequence, we could expect:
a. An increase in the amount of care individuals take of their diet b. A decrease in the amount of care individuals take of their diet c. An increase in pre-surgery obesity d. Both B&C
A Keynesian economist would expect a supply-side tax cut to shift
a. only the aggregate supply curve outward. b. only the aggregate demand curve outward. c. both the aggregate demand and aggregate supply curves outward. d. the aggregate supply curve outward and the aggregate demand curve inward.
When a union raises the wage above the equilibrium level, it reduces the quantity of labor supplied and raises the quantity of labor demanded, resulting in unemployment
a. True b. False Indicate whether the statement is true or false
If a good causes a positive externality, regulation might take the form of a
A. subsidy. B. ban on the product. C. tax. D. price floor.