When a monopolistically competitive firm is in long-run equilibrium,
a. price is equal to average total cost.
b. price is equal to marginal cost.
c. price is equal to marginal revenue.
d. the firm operates at its efficient scale.
a
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Suppose the elasticity of supply of land is 0 and elasticity of demand is 2. If the government imposes a 10 percent tax on land, then
A) buyers and sellers each pay 5 percent of the tax. B) buyers pay all of the tax. C) sellers pay all of the tax. D) sellers pay a smaller share of the tax than do buyers but both buyers and sellers pay some of the tax. E) buyers pay 1/2 of the tax.
If a technological change lowers the wage of unskilled workers, it is an example of:
A) a skill-biased technological change. B) an unskilled-biased technological change. C) a preferential-biased technological change. D) a statistical-biased technological changes.
According to the evidence, the elderly poor were spendthrifts when they were working
Indicate whether the statement is true or false
A game in which the players neither negotiate nor coordinate in any way is a
A) cooperative game. B) noncooperative game. C) zero-sum game. D) negative-sum game.