In a long-run equilibrium in a perfectly competitive market, the average firm earns positive economic profits.
Answer the following statement true (T) or false (F)
False
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In a centrally planned economy, resources are allocated primarily in accordance with directives from government agencies.
Answer the following statement true (T) or false (F)
The figure above shows that monopoly is ________ because it produces a level of output at which ________
A) inefficient; marginal benefit equals marginal cost B) efficient; marginal benefit equals marginal cost C) efficient; marginal benefit exceeds marginal cost D) inefficient; marginal benefit exceeds marginal cost E) efficient; producer surplus is maximized
In the mid-1830s, the U.S. entered an inflationary period that culminated in the depression of 1839-1843 . Contemporary economic historians attribute this economic downturn to
a. the demise of the Second Bank of the U.S. in 1832. b. over-issue of gold coins by the U.S. Mint. c. over-expansion by the manufacturing sector. d. external forces, including large inflows of specie from Mexico and Europe.
A measure of the responsiveness of quantity supplied to changes in price is known as _____
a. cross-price elasticity b. price elasticity of demand c. price elasticity of supply d. income elasticity e. point elasticity