Which of the following is true in the long run for both monopoly and perfectly competitive industries?
A. There are low barriers to entry.
B. Firms can earn positive economic profits in the long run.
C. Firms produce at levels that are economically efficient.
D. Firms will go out of business if they cannot charge a price that is at least equal to average total cost.
Answer: D
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The personal income tax is the single largest source of revenue for the federal government.
Answer the following statement true (T) or false (F)
Which is the broadest price index reported in the United States?
A) the CPI-U B) the GDP deflator C) the consumer price index D) the producer price index
The largest drop in the percentage of families below the poverty level occurred
a. in the 1960s b. in the 1970s c. in the 1980s d. in the early 1990s e. during the recession of the early 1980s
Refer to the accompanying figure. A decrease in demand is represented by a shift from:
A. curve D to curve C. B. curve B to curve A. C. curve A to curve B. D. curve C to curve D.