In the long run, firms in a perfectly competitive market produce:
A. where average variable costs are minimized.
B. at a quantity with positive economic profits.
C. where price equals marginal cost.
D. where MC is at its lowest point.
C. where price equals marginal cost.
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If the ABC company owns the exclusive rights to mine land in Afghanistan for Lapis Lazuli, a rare stone used in jewelry which is found only in Afghanistan, the company benefits from a barrier to entry
a. True b. False Indicate whether the statement is true or false
Other things the same, a country could move from having a trade surplus to having a trade deficit if either
a. saving rose or domestic investment rose. b. saving rose or domestic investment fell. c. saving fell or domestic investment rose. d. saving fell or domestic investment fell.
By 2007, the deficit
A. was out of control and increased substantially soon thereafter. B. seemed under control but increased substantially soon thereafter. C. was out of control but decreased substantially soon thereafter. D. seemed under control and decreased substantially soon thereafter.
Which public health care program is divided between "part A" and "part B"?
A. Medicaid B. U.S. Health C. WIC D. Medicare