Profit maximizing firms in competitive industries with free entry and exit face a price equal to the lowest possible
a. marginal cost of production.
b. fixed cost of production.
c. total cost of production.
d. average total cost of production.
d
You might also like to view...
When increased government spending results in decreased consumer or business spending, the government spending is said to be crowding out the consumer and business spending
Indicate whether the statement is true or false
The R2 of a regression ranges from ________ to ________.
A) 0; 1 B) -1; 1 C) -2; 2 D) 0; 2
Unemployment compensation is
a. part of GDP because it represents income. b. part of GDP because the recipients must have worked in the past to qualify. c. not part of GDP because it is a transfer payment. d. not part of GDP because the payments reduce business profits.
If marginal utility is positive, then total utility is:
A. constant. B. negative. C. increasing. D. decreasing.