In the short run, which of the following would indicate that a perfectly competitive firm is producing an output for which it is receiving a normal profit?
A) P > AC
B) AVC < P < AC
C) P = AC
D) P = AVC
C
You might also like to view...
Total reserves are
A) required reserves plus vault cash. B) required reserves plus excess reserves. C) required reserves. D) excess reserves.
Which of the following describes a labor union in the furniture industry?
a. The Skills I class covered proper milling, planning, saw work, and joinery. b. The group voted to accept a contract that raised hourly pay rates to $29.00. c. Employees received discounts at the company’s tool and supply retail outlet. d. The board voted to buy a rival table maker in an effort to gain market share.
When comparing income inequality across nations, one finds that the United States is
a. the least equal nation in the world. b. more equal than most nations but not the most equal. c. the most equal nation in the world. d. less equal than most nations but not the least equal.
If the typical home in Des Moines were located in San Francisco, it would probably
A. command the same price, since it is still just a typical house. B. command a higher market price. C. be at lower risk for earthquake damage. D. command a lower market price.