When a perfectly competitive firm is in long-run equilibrium, it and all other firms are on the lowest point of their average cost curves
Indicate whether the statement is true or false
T
You might also like to view...
Talking about alternatives is the first step in a process that helps us make better choices about how we use our resources
Indicate whether the statement is true or false
A final good is one that
A) is purchased as an input in the production process. B) is purchased by its final user. C) is a natural resource used to produce a good. D) is used in the production of another good.
How is the equilibrium exchange rate determined?
What will be an ideal response?
The U.S. balance of payments status may improve when
A) the inflation rate increases in the United States relative to other countries. B) political instability in other countries increases. C) the world demand for U.S. products falls. D) the American government increases its spending on foreign aid.