In a competitive industry with identical firms, long-run equilibrium is characterized by:
A. P = AC.
B. MR = MC.
C. P = MC.
D. All of the statements associated with this question are correct.
Answer: D
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Refer to the above figure. Use the DD-AA model to examine and compare the response of an economy under fixed and floating exchange rate to a temporary fall in foreign demand for its exports
What will be an ideal response?
When U.S. computer companies hire workers in India to staff their customer service call centers, they are engaging in
A) predatory pricing. B) unfair trade practices. C) outsourcing. D) labor engagement.
If the elasticity of demand for a service is 0.4 and price is raised,
A. total revenue will fall. B. total revenue will rise. C. total revenue will stay the same. D. there is no way to determine whether total revenue will rise, fall, or remain the same.
The Federal Reserve District Banks are owned by
A. the federal government. B. a combination of state governments and the federal government. C. the board of governors. D. their member banks.