In the short run,
a. new firms may enter a market, but existing firms cannot exit.
b. firms may exit a market, but new firms may not enter.
c. firms may enter or exit a market.
d. firms may neither enter nor exit a market.
D
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If two duopolists can collude successfully, then both will
A) earn greater profits than if they did not collude. B) price at marginal cost. C) price below average total cost. D) lower their economic profits.
The complexity of the U.S. federal income tax system results in significant annual deadweight losses. The opportunity cost of the hours taxpayers spend on record keeping and completing their tax returns amounts to billions of dollars
a. If the tax system was simplified, how would this benefit the economy? b. Why hasn't the tax system been simplified?
The Beveridge curve shifted outward during what period?
A) during the Great Depression. B) during the Great Moderation. C) after January 2008. D) between January 2000 and December 2007.
When a good is nonexcludable, then individuals
A) will purchase the good for more than what it cost to produce the good. B) can obtain the benefits of the good without paying for it. C) have an incentive to become free riders. D) will purchase more than the optimum amount. E) b and c