If the market price is above a firm's average cost at the quantity produced
A) the firm operates and makes a profit.
B) the firm operates and make zero economic profit.
C) the market price of the firm's inputs will rise.
D) total profit is maximized.
A
Economics
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Explain the economic concept of convergence
What will be an ideal response?
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The long-run aggregate supply (LAS) curve
A) has a positive slope. B) has a negative slope. C) is vertical. D) is horizontal.
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An increase in subway fares in New York City will boost your expenditures on subway rides if
A) the supply of subway rides is elastic. B) the supply of subway rides is inelastic. C) your demand for subway rides is elastic. D) your demand for subway rides is inelastic.
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For each of the following functions, describe returns to scale
a. Q = K + L b. Q = K1/2L3/4 c. Q = K2L
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