In most markets, the equilibrium price is achieved
A. Using an equilibrium price formula.
B. Through government mandate.
C. Through trial and error.
D. Through detailed databases.
Answer: C
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The above figure shows the demand and cost curves for a firm. The figure shows a
A) monopolistically competitive firm in the long run. B) perfectly competitive firm earning zero profit. C) monopolistically competitive firm in the short run. D) perfectly competitive firm in the short run.
Which order does the Federal Reserve's plan for implementing monetary policy follow?
A) Tools => Intermediate Targets => Operating Targets => Goals B) Goals => Tools => Intermediate Targets => Operating Targets C) Tools => Operating Targets => Intermediate Targets => Goals D) Tools => Goals => Operating Targets => Intermediate Targets
In the short run, the profit-maximizing monopolistically competitive firm will produce the rate of output at which
A) P = MC. B) MR = MC. C) P = ATC. D) MR = ATC.
In the short run, average variable cost is always less than average total cost
a. True b. False Indicate whether the statement is true or false