At its long-run equilibrium level of output, the demand curve facing an individual perfectly competitive firm is tangent to its
A. total economic profit curve.
B. long-run average cost curve.
C. marginal cost curve.
D. marginal profit curve.
Answer: B
You might also like to view...
When the ________ effect dominates the ________ effect, the labor supply curve is ________
A) income; substitution; vertical B) substitution; income; positively sloped C) income; substitution; negatively sloped D) substitution; income; horizontal
Which of the following items does not provide a store of value?
a. All of the answers are correct. b. Credit cards c. Currency d. Checkable deposits
On a production possibilities curve, the optimal or best combination of output for any society:
A. depends upon the preferences of society. B. is at a point near the bottom of the curve. C. is at the precise midpoint of the curve. D. is at a point near the top of the curve.
Would a change in the price of in-line skates cause a change in the supply of in-line skates? Why or why not?
What will be an ideal response?