If the donut industry is perfectly competitive and is in long-run equilibrium, then the price of a donut
A) is greater than marginal cost.
B) is greater than short-run average cost.
C) is greater than long-run average cost.
D) equals long-run average cost.
D
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In a sequential game, one firm will act first and then other firms will respond
Indicate whether the statement is true or false
It's logical, it's a rule of thumb, it's an economic guideline: As long as MR < MC, and the firm responds by decreasing the quantity it produces,
a. profit will equal zero b. profit will increase c. profit will decrease d. profit will remain unchanged e. the firm will minimize loss
People who would like to work full-time, but are able to find only part-time work are:
A. discouraged workers. B. considered out of the labor force. C. counted as employed. D. counted as unemployed.
The total market value of all final goods and services produced in a country in a year is:
A. NDP. B. GDP. C. NNP. D. GNP.