In the long run, any firm may enter or leave a perfectly competitive market
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
Based in part on the budget surplus, in 2001 President Bush and Congress passed a permanent tax cut
Indicate whether the statement is true or false
Which of the following will NOT cause a shift in the supply of gasoline?
A) An increase in the wage rate of refinery workers B) A decrease in the price of gasoline C) An improvement in oil refining technology D) A decrease in the price of crude oil
If firms believe that business is expanding, then at any given wage they will desire to hire a _________ quantity of labor, and the labor demand curve shifts to the _____.
a. greater; left b. greater; right c. lower; left d. lower; right
The IS curve shows the combinations of output and the real interest rate for which
A. the goods market is in equilibrium. B. an increase in output will cause the market-clearing interest rate to be bid up. C. the labor market is in equilibrium. D. the financial asset market is in equilibrium.