If the firm were a perfect competitor in the long run, what price would it charge?
$10
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In the above figure, which of the following statements is TRUE? I. The consumer maximizes utility by consuming at point A. II. The marginal rate of substitution at point B and point A are equal because they are on the same budget line
A) only I B) only II C) both I and II D) neither I nor II
Which of the following markets most closely matches the description of perfect competition?
a. Fast-food hamburgers. b. Subcompact cars. c. Grain. d. Personal computers.
Keynesian economics developed in response to:
a. the Great Depression of the 1930s. b. the inflation following World War II. c. economic growth during the 1950s. d. the Vietnam War. e. the oil embargo in the 1970s.
Dividing the total cost of undertaking n units of an activity by n reveals the:
A. units per cost. B. average benefit. C. marginal cost. D. average cost.