In long-run competitive equilibrium, a firm that owns factors of production will have an
A) economic profit = $0 and accounting profit > $0.
B) economic profit > $0 and accounting profit = $0.
C) economic and accounting profit = $0.
D) economic and accounting profit > $0.
E) economic and accounting profit can take any value.
Ans: A) economic profit = $0 and accounting profit > $0.
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Refer to Figure 11-18. Starting from point E, a movement along the isocost to point F
A) decreases output but not the total cost of production. B) decreases both the total cost of production and output. C) decreases the total cost of production but not output. D) increases the total cost of production and decreases output.
Exhibit 11-11 Labor wage and cost data Labor Wage TWC MFC10 $ $ 50.00 $ 11 5.80 12 17.80 13 102.70 14 126.00 15 46.50 In Exhibit 11-11, the total wage cost of hiring 12 employees is equal to:
A. $17.80. B. $63.80. C. $102.70. D. $81.60.
When the supply of labor to a firm is perfectly elastic the marginal factor cost will equal the
A. market price of the product. B. wage rate times the number of workers. C. marginal physical product. D. wage rate.
The educational outcomes at private schools are generally ________ those in public schools.
A. better than B. incomparable to C. worse than D. the same as