Which of the following is NOT true for a perfectly competitive firm in the long run?
A. MC > LAC
B. MR = MC
C. SAC = LAC
D. Price = MC
Answer: A
Economics
You might also like to view...
In the United States, a patent lasts
A) 7 years. B) 14 years. C) 20 years. D) forever.
Economics
The marginal utility curve is downward sloping
a. True b. False Indicate whether the statement is true or false
Economics
Producer surplus from a unit of output is the difference between the market price and the seller's cost of producing that unit
a. True b. False Indicate whether the statement is true or false
Economics
Implicit costs are:
A. the opportunity costs of using resources owned by the entrepreneur in his/her own business. B. payments the business owner must make on borrowed funds. C. costs which vary as the level of output varies. D. those payments the business owner makes in cash.
Economics