For a perfectly competitive firm operating at the profit-maximizing output level in the short run,
a. MR = TR
b. MC = price
c. MC = ATC
d. MC = AVC
e. AFC = price
B
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The perfectly competitive market structure results in economic efficiency because:
a. price is equal to marginal revenue in the short run. b. firms are producing at the minimum point of the average-total-cost curve in the short run. c. a normal profit is being earned in the long run. d. a normal profit is being earned in the short run. e. in the long-run, price is equal to marginal cost and minimum average-total-cost.
There is no correlation between happiness and per capita income
a. True b. False
GNI per capita can be adjusted by purchasing power to account for differences in the cost of living.
a. true b. false
What is an "export subsidy"?
a. a payment by one government to another for exports b. a payment (or other benefit) to domestic firms by their government to help them sell exports more cheaply c. the rule that says all exports must be taxed before they leave the port d. a provision that exporters must get their payments indirectly through a third party