In long-run equilibrium under perfect competition,
A. the firm and the industry will have the same cost curves.
B. only a very few firms will be earning economic profits.
C. the demand curves facing individual firms will fall to the level of minimum AC.
D. individual firms will tend to increase their outputs.
Answer: C
You might also like to view...
Social inequalities disappear when income inequalities are eliminated
Indicate whether the statement is true or false
When people choose to invest at home it is called ________, and when they invest abroad it is called _______.
A. investment; foreign savings B. investment; net capital outflow C. savings; net capital outflow D. savings; net direct investment
An increase in the demand for rubles causes the ruble to appreciate
a. True b. False Indicate whether the statement is true or false
When the production of a good creates external costs,
A. Society's collective well-being will be lower. B. Production of the good will be lower. C. The level of environmental pollution will be lower. D. Profits for the producer of the good will be lower.