In the short run, the perfectly competitive firm will always earn an economic profit when
A. P > ATC.
B. P = MC.
C. P = ATC.
D. P > AVC.
Answer: A
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Second-degree price discrimination generally takes the form of
a. special prices for students and seniors. b. membership clubs. c. quantity discounts. d. "extras" like free delivery and free customer service.
The stock of assets owned by a person, household, firm or nation is
A) real disposable income. B) wealth. C) capital investment. D) capital goods.
Describe the types of entry barriers which can exist and their importance to the study of monopoly
After adjusting for inflation, over time the prices of most natural resources have been
a. steady or falling, meaning that our ability to conserve them is growing more rapidly than their supplies are dwindling. b. steady or falling, meaning that their supplies are dwindling more rapidly than our ability to conserve them is growing. c. rising, meaning that our ability to conserve them is growing more rapidly than their supplies are dwindling. d. rising, meaning that their supplies are dwindling more rapidly than our ability to conserve them is growing.