Which of the following occur in the long-run equilibrium for the firm and the industry under perfect competition?
a. Firms produce output where price equals marginal cost, which also corresponds to where marginal cost intersects long-run average cost.
b. Firms produce output where total revenue is maximized.
c. Firms earn positive economic profits.
d. Firms produce output where price equals average fixed cost, which also corresponds to where marginal revenue intersects marginal cost.
a
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Assume there are three players in a game, Tom, Dick, and Harry, and all three want to meet up at either at the Library or the Student Union, no player knows with certainty where the other two will go, and they will consider their mission a failure if
all three do not meet at the same location. Use a series of "if-then" statements to describe Tom's ideal strategies based on the possible choices of Dick and Harry. Explain if Tom has a dominant strategy?
We call costs that fall directly on an economic decision maker:
A. social costs. B. private costs. C. external costs. D. network costs.
A tariff on a product
a. is a direct quantitative restriction on the amount of a good that can be imported. b. increases the domestic quantity supplied. c. increases domestic consumer surplus. d. All of the above are correct.
Which of the following countries has experienced negative economic growth in the last 20 years?
A) Zimbabwe. B) Chad. C) The United States. D) China.