If the firm were a perfect competitor, how much would its price be in the long run?
$11.75
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Which of the following statements correctly highlights a difference between countries with extractive economic institutions and countries with inclusive economic institutions?
A) Countries with extractive economic institutions typically have better geographical conditions that countries with inclusive economic institutions. B) Countries with extractive economic institutions typically have worse geographical conditions that countries with inclusive economic institutions. C) Entry barriers for new businesses are likely to be lower in countries with extractive economic institutions than in countries with inclusive economic institutions. D) Entry barriers for new businesses are likely to be higher in countries with extractive economic institutions than in countries with inclusive economic institutions.
The fact of increasing opportunity costs means that a production possibilities frontier will
A) be a straight line. B) reach a maximum and then gradually decrease. C) bow outward. D) shift outward over time.
In an economist's view, a cartel usually offers to society
a. all the cost benefits of large-scale production and none of the allocative inefficiencies of monopoly. b. all the cost benefits of large-scale production and all of the allocative inefficiencies of monopoly. c. none of the cost benefits of large-scale production and none of the allocative inefficiencies of monopoly. d. none of the cost benefits of large-scale production and all of the allocative inefficiencies of monopoly.
If marginal cost equals average total cost:
A. average total cost is minimized. B. average variable cost is falling. C. marginal cost is minimized. D. average variable cost is minimized.