Which of the following is true in long-run equilibrium for a firm in a monopolistic competitive industry?
A) The demand curve is tangent to marginal cost curve.
B) The demand curve is tangent to average cost curve.
C) The marginal cost curve is tangent to average cost curve.
D) The demand curve is tangent to marginal revenue curve.
B
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A corporation is an entity separate and distinct from its owners.
Answer the following statement true (T) or false (F)
Justin Field just stopped at the Exxon station on the way to campus and bought four Butterfinger candy bars, two 20-ounce bottles of grape-watermelon Snapple, and 10 gallons of gas. His marginal-utility-to-price ratios are 3.21 for the Butterfingers,
4.8 for the Snapples, and 5.7 for the gas. Explain why this set of purchases did not maximize Ryan's utility and how could he have increased his utility.
A fixed-weight price index uses a process that adjusts the weights continuously year by year
a. True b. False Indicate whether the statement is true or false
Economists believe it is feasible and desirable to reduce environmental damage to zero.
Answer the following statement true (T) or false (F)