Regardless of quantity in long-run equilibrium, the industry price cannot exceed the
A. long-run average cost of supplying that quantity.
B. total variable cost of supplying that quantity.
C. long-run total cost of supplying that quantity.
D. minimum long-run marginal cost of supplying that quantity.
Answer: A
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Why is it difficult for the market to deliver socially efficient quantities of goods like clean air or street lighting?
What will be an ideal response?
If the growth rate of multifactor productivity is 2.5, and b = 0.25, k = 4, n = 2, and y = 5, then the growth rate of labor productivity is
A) 3.0. B) 8.0. C) 2.0. D) 2.5.
Between 1970 and 2000, the Fed:
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Establishing rules for voter registration is an example of a(n)
A. transfer payment. B. public good. C. economic function of government. D. political function of government.