In the long run, a monopolistic competitor's price will equal:
a. marginal revenue
b. average total cost.
c. marginal cost.
d. minimum average total cost.
b
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If the nominal interest rate is 5 percent and there is no inflation, _____
a. the real interest rate exceeds 5 percent b. the real interest rate is less than 5 percent c. the real interest rate is 5 percent d. there is not enough information to determine the real interest rate e. the real interest rate is zero
One cause of market failure may be the absence of clearly defined property rights
a. True b. False Indicate whether the statement is true or false
The private cost of production includes the amount a firm pays for A. ?pollution, capital, and materials. B. ?labor, capital, and materials. Your answer is correct.C. ?labor, capital, and pollution. D. ?labor, pollution, and materials.
The private cost of production includes the amount a firm pays for
A.
?pollution, capital, and materials.
B.
?labor, capital, and materials.
Your answer is correct.
C.
?labor, capital, and pollution.
D.
?labor, pollution, and materials.
Compare production costs in the short run with production costs in the long run.
What will be an ideal response?