Competition among sellers occurs
A) when marginal revenue equals marginal cost.
B) when price equals marginal cost.
C) when price equals marginal revenue.
D) whenever sellers try to attract customers from one another.
D
You might also like to view...
Suppose a perfectly competitive market is in long-run equilibrium with a price of $12. Then there is a permanent increase in demand
As a result, in the short run the market price ________ and in the long run the number of firms ________ and the price is ________ the price was in the short run. A) rises; does not change; is equal to B) rises; increases; higher than C) rises; does not change; lower than D) falls; decreases; is equal to E) rises; increases; lower than
Most employees ________ pay taxes on the value of health insurance provided by employers, and most people ________ get a tax break when buying individual health insurance policies
A) do; do B) do not; do not C) do not; do D) do; do not
In the above figure, the curve that represents the most income equality is
A) a. B) b. C) c. D) d.
A do-it-yourself approach to production is more likely when
a. technology is complex b. inputs are difficult to identify c. resources cannot easily be measured d. the price of inputs is known e. contracts are complex