In the long run, a firm will enter a competitive industry if
a. total revenue exceeds total cost.
b. the price exceeds average total cost.
c. the firm can earn economic profits.
d. All of the above are correct.
d
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When a market has barriers to entry,
A) then in the long run it is possible for the firms to incur economic losses. B) then in the long run the only possible outcome for the firms is zero economic profit. C) then in the long run it might be possible for the firms to make economic profits. D) oligopolies cannot be created. E) the HHI almost always falls below 1,000.
The general perception in the early 1980s was the S&Ls were not in serious trouble, partly because S&Ls were insured by the
A) Securities and Exchange Commission (SEC). B) U.S. Treasury. C) Federal Deposit Insurance Corporation. D) Federal Savings and Loan Insurance Corporation (FSLIC).
The height of the demand curve at any quantity indicates
a. total expenditure on the good or service b. total revenue to the seller of the good or service c. whether the price is fair or not d. how much that particular unit is worth to the person who buys it e. how much the person who buys that unit actually pays for it
Perhaps it's not a problem at all, but if "too much choice" is a problem for consumers, it would occur in which market structure(s)?
a. perfect competition b. monopoly c. monopolistic competition d. perfect competition and monopoly e. not enough information