If all the firms producing a good in an industry have market shares that are insignificant, that is, close to zero percent of industry sales,
a. they shut down, that is, go out of business in the long run
b. their output levels are close to zero as well
c. they are in a perfectly competitive market
d. profit is at best zero because cost must be at least greater than zero
e. they should advertise
C
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The evidence usually cited to prove that globalization hurts workers in developing countries
A) is inconclusive due to poor statistical design of the underlying samples. B) is inconclusive due to the poorly funded Central Statistical Office of Mexico. C) is inconclusive due to the ambiguous theoretical implications of the findings. D) is conclusive. E) does not take into account the Heckscher-Ohlin model.
Refer to the table below. What is Gorgeous Sands Resort's long-run average cost?
The table above summarizes Gorgeous Sands Resort's marginal capacity cost, marginal operating cost, peak marginal revenue, off-peak marginal revenue, and its peak and off-peak demand for its resort units.
A) $6,000
B) $1,000
C) $3,000
D) $5,000
In the U.S. economy, which of the following is NOT a generally accepted economic function of government?
A) providing public goods B) distributing consumer goods C) ensuring economy-wide stability D) promoting competition in the marketplace
The Food Quality Protection Act of 1996
a. amended both TSCA and FIFRA b. gives particular attention to pesticide risks faced by infants and children c. establishes several health-based standards to control pesticides in foods d. none of the above