Firms can make decisions using marginal analysis even if they do not know the shape of a demand curve.
Answer the following statement true (T) or false (F)
True
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Since the firm in the above figure is operating in a monopolistically competitive industry, in the long run we can expect to see
A) the typical firm's economic profits expand as production becomes more efficient. B) more firms entering the industry until economic profits are zero. C) the typical firm producing at the minimum point on its ATC curve. D) each firm expand its share of the total market.
According to the table shown, fixed costs must be:
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.
A. $10.
B. $200.
C. $60.
D. Fixed costs cannot be determined by the information in the table.
Which statement is TRUE? Fixed costs
A) do NOT exist in the long run. B) depend on the firm's level of output. C) are zero if the firm is producing nothing. D) are the difference between total costs and average variable costs.
What potential problems are created by regulatory competition?
What will be an ideal response?