In the long-run, a perfectly competitive firm will achieve
a. An average rate of return
b. Above average profits
c. Losses
d. Economic Profits
a
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A $100 bill is a
A) commodity money. B) fiat money. C) representative commodity money. D) partially representative commodity money.
Patents grant
a. permanent monopoly status to creators of scientific inventions b. permanent monopoly status to creators of any intellectual property c. temporary monopoly status to creators of scientific inventions d. temporary monopoly status to creators of any intellectual property e. permanent monopoly status to natural monopolies
The pricing system has a failure built into it when externalities exist
a. True b. False Indicate whether the statement is true or false
Suppose the quantity demanded of ice cream cones increases from 400 to 425 cones a day when the price is reduced from $1.50 to $1.25. In this situation, the elasticity of demand, calculated using the average method, is
A) 3. B) 1. C) 0.33. D) 1.33.