Below, the graph on the left shows the short-run cost curves for a firm in a perfectly competitive market, and the graph on the right shows the current market conditions in this industry. What do you expect to happen in the long-run?
A. Market supply will decrease.
B. Market price will decrease.
C. The firm's profit will decrease.
D. both b and c
E. all of the above
Answer: D
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An agency that regulates labor markets is the
A) Equal Employment Opportunity Commission. B) Environmental Protection Agency. C) Federal Trade Commission. D) Consumer Product Safety Commission.
When prices rise,
a. real estate is a better unit of account than money. b. money is a worse medium of exchange than real estate. c. money is a better store of value than real estate d. real estate is a better store of value than money.
Which of the following is a factor(s) affecting collusion in an infinitely repeated pricing game?
A. History B. Number of firms C. Firm size D. All of the statements associated with this question are correct.
A firm's value added can be measured as the value of its:
A. profits. B. purchases of inputs from other firms. C. total sales. D. total sales, less purchases from other firms.