Which of the following is NOT a characteristic of a perfectly competitive long-run equilibrium?
A) Firms are earning zero profits.
B) Price equals marginal cost.
C) Price equals long-run minimum average cost.
D) Firms are producing on the downward sloping portions of their short-run average cost curves.
D
You might also like to view...
According to official statistics in the United States, a person is classified as poor
A. if the person's money income is below the poverty income threshold. B. only if the person's money income is below the poverty income threshold AND the person is not working. C. only if the person's money income is below the poverty income threshold AND the person is homeless. D. if the person's money income and the value of non-cash transfers is below the poverty income threshold.
A French worker can produce either 4 barrels of wine or 16 shirts a week; and Italian worker can produce either 10 barrels of wine or 20 shirts a week.
A. After the countries begin to trade, one barrel of wine will cost between four and eight shirts. B. France has an absolute advantage in both wine and shirts. C. France will export shirts and import wine. D. France has an absolute advantage in making shirts.
The exclusive rights of ownership of property are generally referred to as
A) level property rights. B) private property rights. C) public property rights. D) common property rights.
Refer to the diagram, where T is tax revenues and G is government expenditures. All figures are in billions of dollars. If the full-employment GDP and actual GDP are each $400 billion, this economy will realize a:
A. cyclically adjusted deficit of $20 billion.
B. cyclical deficit of $20 billion.
C. cyclical surplus of $20 billion.
D. cyclically adjusted deficit of zero.