Refer to Figure 13-11. The diagram depicts a firm
A) in an increasing-cost industry. B) in long-run equilibrium.
C) that is making short-run losses. D) in a constant-cost industry.
B
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A model that shows how dollars flow through markets among households and firms is called the
a. production possibilities frontier. b. circular-flow diagram. c. demand and supply diagram. d. comparative advantage model.
What is a price floor and what are its economic effects?
Please provide the best answer for the statement.
Entry of new firms in a decreasing-cost industry leads to an upward shift of the LRAC curve.
Answer the following statement true (T) or false (F)
Price floors are
A. sometimes associated with surpluses. B. always associated with surpluses. C. sometimes associated with shortages. D. always associated with shortages.