In long-run equilibrium a purely competitive firm will operate where price is:
A. greater than MC and minimum ATC but equal to MR.
B. greater than MR and MC but equal to minimum ATC.
C. equal to MR, MC, and minimum ATC.
D. greater than MR but equal to MC and minimum ATC.
Answer: C
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The price elasticity of demand for corn is 0.4. A new hybrid of corn is discovered and all farmers start to use it, which increases the quantity of corn they can produce from each acre. What happens to the farmers' total revenue?
A) The total revenue will increase. B) The total revenue will decrease. C) The total revenue will not change. D) There is not enough information to determine what happens to the total revenue.
An agreement with another country in which it agrees to import more from the United States is called a
A) VRA. B) VIE. C) VAR. D) VAT.
Effluent taxes are the most common approach used to control pollutants in the United States
a. True b. False Indicate whether the statement is true or false
In an attempt to restrict imports into a country, using a tariff is likely to be less costly to the country than using a voluntary export restraint.
Answer the following statement true (T) or false (F)