In long-run equilibrium for a perfectly competitive firm, price equals which of the following?
a. Economies of scale.
b. Minimum short-run average total cost.
c. The sum of each short-run marginal cost curve.
d. All of these.
b
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Using a Website created by the Sacramento Bee in 2008 that published the salaries of all California state employees, economists conducted research and found that
A) job satisfaction depends only on a person's salary. B) employees with above-median earnings were, surprisingly, the least satisfied with their jobs. C) knowing their co-workers' salaries affected employees' job satisfaction. D) no employees seemed to be unsatisfied with their jobs or the salaries they were earning.
According to the Heckscher-Ohlin theory, comparative advantage is based on:
a. labor productivity differences. b. product life cycles. c. the availability of skilled resources. d. consumer tastes and preferences. e. the relative abundance of the factors of production.
An increase in the equilibrium price and the equilibrium quantity would be caused by an increase in supply
a. True b. False Indicate whether the statement is true or false
Recessions can sometimes last less than a single year
a. True b. False