A firm's long-run position under perfect competition is often said to be efficient because
A. P = MR = MC = ATC.
B. P = MR = AVC = AFC.
C. P = AR > MC = AVC.
D. P = AR > MR = MC.
Answer: A
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Answer the next question using the following budget information for a hypothetical economy. All data are in billions of dollars. Government SpendingTax RevenuesGDPYear 1$800$825$4,000Year 28508504,200Year 39008754,350Year 49509004,500Year 51,0009254,600The budget deficit was $75 billion in
A. Year 2. B. Year 3. C. Year 4. D. Year 5.
Data show that in 2012, the college enrollment in Lithasia increased. In the same year, the sale of hotdogs in Lithasia also increased. The relationship between college enrollment and the sale of hotdogs exhibits:
A) a negative correlation. B) a zero correlation. C) a positive correlation. D) a causal relationshi
The wage is to the labor market as the
a. rental price of capital is to the capital market. b. purchase price of capital is to the capital market. c. supply of land is to the land market. d. demand for land is to the land market.
A dominant strategy:
A. is always the same for all players of a game. B. exists in every game. C. is the best one to follow no matter what strategy other players choose. D. awards the highest achievable payoff in a game.