All of the following conditions, except one, will necessarily be satisfied when a perfectly competitive firm is in short-run equilibrium. Which condition is the exception?
a. marginal revenue equals average total cost
b. marginal cost crosses marginal revenue from below
c. marginal revenue equals price
d. price equals marginal revenue
e. profit is maximized or loss is minimized
A
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McDonald's partnership with Beijing's Department of Agriculture provided:
A) McDonald's with subsidies , suppliers, and distributional channels. B) McDonald's with just subsidies. C) McDonald's with just distributional channels. D) all of the above.
Over time, carpenters become aware of more attractive employment opportunities outside of carpentry. Does this development affect the demand for carpenters, or does it affect the supply of carpenters?
The income elasticity of demand for an inferior good could be
A. negative. B. zero. C. positive. D. any one of these depending on the other factors involved.
Suppose that you are interested in estimating the average impact a job training program has on wages. After controlling for observed factors that influence wages, participation in the training program, you find that the coefficient for the training is 0.55 and the standard error is 1.06. Thus, we can infer that the training program has a positive and statistically significant impact on wages at a 95% confidence level.
Answer the following statement true (T) or false (F)