Control of a scarce resource or input can serve as an entry barrier
a. True
b. False
Indicate whether the statement is true or false
True
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A perfectly competitive firm maximizes profits? (or minimize? losses) when it produces the quantity where marginal revenue equals marginal cost and the price? is:
A. greater than average fixed cost. B. greater than average variable cost. C. greater than average total cost. D. greater than marginal cost
Neither the demand for gasoline nor the supply of gasoline is perfectly elastic or inelastic. If the federal government eliminated the 18.4 cents per gallon gasoline tax, the price paid by buyers would
A) decrease by less than 18.4 cents. B) decrease by 18.4 cents. C) decrease by more than 18.4 cents. D) stay the same. E) increase by 18.4 cents.
A surplus means that the quantity supplied is greater than the quantity demanded at the prevailing price
a. True b. False Indicate whether the statement is true or false
The long-run average total cost curve is less u-shaped than the short-run average total cost curve
a. True b. False Indicate whether the statement is true or false