If a perfect competitor faces P = ATC in the long run, the firm will
A) earn economic profits.
B) earn economic losses.
C) leave the industry.
D) remain in the industry.
Answer: D
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Regarding the Interstate Commerce Commission (ICC),
(a) historians agree that it was primarily "captured" by the industry that it was supposed to regulate. (b) historians agree that it was primarily "captured" by passengers and shippers to the disadvantage of the railroads. (c) historians generally agree that it was not "captured" by any group, but rather served the public well. (d) historians do not "agree" on any of the above.
The game rock-paper-scissors has
A) a mixed strategy equilibrium. B) a dominant strategy equilibrium. C) no equilibrium. D) a pure strategy equilibrium.
The median earnings of college graduates are more than 60% greater than that of high school graduates for males ages 25-64
Indicate whether the statement is true or false
Cash in a commercial bank's vault is not part of the money supply
a. True b. False