What is the equilibrium price and quantity under perfect competition?
a. Q=10 and P=40
b. Q=10 and P=60
c. Q=20 and P=40
d. Q=20 and P=60
Answer: d. Q=20 and P=60
You might also like to view...
A multi-plant firm has three plants. At its current production levels, the marginal cost of production is $1.50 at plant 1, $1.50 at plant 2, and $1.50 at plant 3. The firm's overall marginal cost of production is ________.
A) $7.50 B) $1.50 C) $4.50 D) $3.00
According to marginal analysis, you should spend more time studying economics if the extra benefit from an additional hour of study:
a. is positive. b. outweighs the extra cost. c. exceeds the benefits of the previous hour of study. d. will raise your exam score.
A depreciation in the U.S. dollar on the foreign exchange market will
a. make U.S. exports more expensive to foreigners. b. make imports less expensive for U.S. consumers. c. make U.S. exports cheaper for foreign consumers. d. encourage U.S. consumers to travel abroad.
If the natural unemployment rate is 5.5 percent, then the economy is at long-run equilibrium when the actual unemployment rate is
A) more than 5.5 percent. B) between 0 and 5.5 percent. C) 0 percent. D) 5.5 percent. E) none of the above