Under perfect competition, price = MC = ATC = MR
A. only in the short run.
B. only in the long run.
C. in both the short run and the long run.
D. in neither the short run nor the long run.
B. only in the long run.
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An inferior good has a ________ elasticity of demand
A) positive income B) negative income C) negative cross D) positive cross E) negative price
According to the text, Ireland and Israel are classified as less developed countries (LDCs)
a. True b. False Indicate whether the statement is true or false
A highly progressive tax takes relatively more from the rich than it does from the poor.
Answer the following statement true (T) or false (F)
Refer to the table. Suppose that the United States imports more products from Luteland than before. All else equal, the dollar price of luta will:
Answer the question on the basis of the following table, which indicates the dollar price of luta, the currency used in the hypothetical economy of Luteland:
A. rise and the dollar will depreciate.
B. fall and the dollar will depreciate.
C. rise and the dollar will appreciate.
D. fall and the dollar will appreciate.