Price equals the minimum of long-run average cost
A. in a short-run equilibrium as well as in a long-run equilibrium.
B. in a long-run equilibrium.
C. whenever average revenue equals marginal cost.
D. along a horizontal long-run supply curve, but not along an upward sloping long-run supply curve.
Answer: B
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Fill in the blank: Middlemen tend to have ________ in information production
A) no interest B) a comparative advantage C) a monopoly D) little time to engage E) a wasteful way of engaging
In oligopoly, one expects
A. frequent introduction of new or redesigned products. B. aggressive advertising campaigns. C. intense marketing research into the impact of price changes. D. All of the responses are correct.
The gold standard dominated exchange rate systems during what period?
A) from 1776 to 1816 B) from 1836 to 1849 C) from 1870 to 1913 D) from 1945 to 1965
In a competitive industry with identical firms, long-run equilibrium is characterized by:
A. MR = MC. B. P < MC. C. MR < P. D. P > AC.