A competitive firm is producing 500 units of output and its efficient scale is 400 units of output. Can the market in which this firm operates be in a long-run equilibrium? Briefly explain
No, the market cannot be in a long-run equilibrium because in such an equilibrium firms produce at their efficient scale.
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Refer to the scenario above. The market for Good A in Eduland is an example of a ________
A) monopoly B) duopoly C) monopolistic competition D) perfect competition
The first United States income tax was instituted in 1913
a. True b. False Indicate whether the statement is true or false
When all the factors of aggregate expenditure are influenced by income, the multiplier becomes a function of the: a. marginal propensity of government purchases
b. marginal propensity to consume out of disposable income. c. marginal propensity of aggregate expenditure. d. marginal propensity to import.
The top four U.S. multinational corporations are oil companies
Indicate whether the statement is true or false