Incremental cost is the same concept as ________ cost
A) average
B) marginal
C) fixed
D) variable
B
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If a firm in a perfectly competitive industry is experiencing higher than normal returns, in the long-run
a. Some firms will leave the industry and price will rise b. Some firms will enter the industry and price will rise c. Some firms will leave the industry and price will fall d. Some firms will enter the industry and price will fall
A perfectly competitive firm ________ at the level of output where P = ATC.
A. suffers an economic loss B. shuts down C. breaks even D. earns an economic profit
Rent controls tend to __________ the supply of housing and the ________ the level of rents paid.
A. raise; raise B. lower; lower C. raise; lower D. lower; raise
"When the balance of payments sums to zero is the only situation in which there is an equilibrium." Do you agree or disagree? Why?
What will be an ideal response?