A perfectly competitive firm breaks even at the level of output where
A) P > ATC
B) P < ATC
C) P = ATC
D) P = MC
C) P = ATC
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The Keynesian model
a. assumes a stable, downward sloping Phillips curve in the short run. b. implies a horizontal Phillips curve in the long run. c. shows that the Phillips curve is can be downward or upward sloping in the short run. d. differs from Friedman's analysis pertaining to the vertical long-run Phillips curve.
A sales tax is a tax on the:
A. earnings of individuals and corporations. B. income earned by buying investments and selling them at a higher price. C. wages paid to an employee. D. value of a good or service being purchased.
"Rate averaging" is only possible if
a. the firm is protected from price competition and new entry. b. the firm is protected from losses resulting from unsuccessful innovation. c. the firm can choose the level of service it wishes to provide. d. "cream skimming" is permitted.
If we desire to classify land by its use, land that does not include any improvements to the land would be categorized as:
A. "Raw" land B. Building site C. Developed land D. Property infrastructure