All firms and all industries face identical long-run average cost curves
Indicate whether the statement is true or false
F
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The marginal cost of a good is
a. lower for competitive firms than for monopolists. b. the cost of an additional unit. c. equal to fixed cost at high output levels. d. equal to variable cost when the firm is maximizing profit.
In the early ________, computers became powerful enough to have a real economic impact.
A. 1970s B. 1990s C. 1980s D. 2000s
Use the following graph for a competitive market to answer the question below.
In a market with supply and demand curves as shown above, a price floor of $2.50 will result in
A. a black-market price greater than $2.50. B. a surplus of 10 units. C. a shortage of 10 units. D. no shortage or surplus.
Which one of the following is NOT a determinant of demand?
A. future price expectations B. prices of related goods C. income D. cost of inputs in production