Under perfect competition, which of the following are equal at all levels of output?
A. price and marginal cost
B. price and marginal revenue
C. marginal cost and marginal revenue
D. marginal cost and short-run average total cost
Answer: B
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Economic growth can be depicted as
A) an outward shift on the production possibilities curve. B) a movement up on the production possibilities curve. C) a movement down on the production possibilities curve. D) an inward shift on the production possibilities curve.
When long-run average cost decreases as output increases there are definitely
A) increasing marginal returns. B) economies of scale. C) Both answers A and B are correct. D) Neither answer A nor B is correct.
If a good has a price elasticity of demand coefficient greater than 1, total revenue can be increased by raising the price
a. True b. False Indicate whether the statement is true or false
A tax loophole is
A. an illegal method by which individuals or corporations avoid paying the taxes they legally owe. B. a provision in the tax code that allows individuals or corporations to reduce their tax burdens legally by meeting certain conditions. C. a tax surcharge on incomes within certain ranges. D. a provision in the tax code that allows individuals or corporations to shift the economic incidence of a particular tax on to someone else.