In long-run equilibrium for a perfectly competitive firm, price equals which of the following?
a. Economies of real cost.
b. Maximum total revenue.
c. Diseconomies of scale cost.
d. Minimum point on the long-run average cost curve.
d
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When the Federal Reserve sells $100 worth of government securities, bank reserves
A) rise by $100. B) rise by $100 times the deposit expansion multiplier. C) fall by $100. D) fall by $100 times the deposit expansion multiplier.
Because information and the time required to acquire and digest it are scarce,
a. consumers concentrate on private choices rather than on public choices b. consumers concentrate on public choices rather than on private choices c. it is irrational for consumers to remain ignorant of the costs and benefits of government proposals d. consumers have greater incentive to gather and act upon information about public choices than to gather and act upon information about their private choices e. an individual voter has more incentive to examine the performance records of candidates for public office
Potential output depends on all of the following except one. Which is the exception?
Fill in the blank(s) with the appropriate word(s).
Using the information in situation 20-2, if government spending increases by $100, then the equilibrium aggregate output will change by
A) -$1,000. B) -$100. C) $100. D) $1,000.