Which of the following is NOT correct for a perfectly competitive firm in long-run equilibrium?
A) SAC = LAC
B) MR = P = AR
C) MC = MR > LAC
D) LAC = P
Answer: C
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On a given day the quantity of money is ________ and the supply of money curve is ________
A) fixed; horizontal B) fixed; vertical C) variable; horizontal D) variable; vertical
Data indicates that recessions following financial crises ________ recessions which do not follow financial crises
A) are more severe than B) are equally severe as C) are less severe than D) Data does not show any link between the severity of recessions following financial crises.
If something serves as a store of value, we expect it to be
A) divisible. B) durable. C) of intrinsic value. D) light.
Suppose Frank likes to snack on sugary candy. Frank knows that it's bad for his teeth to eat sugary candy, but he doesn't care. Frank's snacking habits have no impact on anyone other than Frank. In this case, Frank's consumption of sugary candy generates:
A. a positive externality. B. a negative externality. C. neither a positive nor a negative externality. D. both a positive and a negative externality.