In the long-run equilibrium for a perfectly competitive market
A) the firms' economic profits are zero.
B) there is no incentive for entry or exit.
C) average total costs of production are minimized.
D) All of the above are correct.
D
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Both the nominal rate of interest and the real return on investment increase with the inflation rate
Indicate whether the statement is true or false
Each point on the demand curve reflects
A) all the wants of a given household. B) the highest price consumers are willing and able to pay for that particular unit of a good. C) the highest price sellers will accept for all units they are producing. D) the lowest-cost technology available to produce a good.
For the last 100 years, the level of government that has seen the largest increase in its percentage of expenditures is
A. local. B. state. C. federal. D. all of these answer options are correct.
Suppose Tim has $1,000 in cash on hand to buy collectable baseball cards at a swap meet. Tim often sells these cards at a profit. This is an example of the
A) asset demand for money. B) transaction demand for money C) precautionary demand for money. D) wealth demand for money.