When a competitive price-searcher market is in long-run equilibrium, the firms will
a. earn economic profit.
b. operate at an output level that minimizes long-run average total cost.
c. charge a price that is equal to average total cost.
d. operate at an output level where price is equal to marginal cost.
C
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Josh wants to go to the football game this weekend, but he has a paper due on Monday. It will take him the whole weekend to write the paper. Josh decides to stay home and work on the paper. According to the Scarcity Principle, the reason Josh doesn't go to the game is that:
A. writing the paper is easier than going to the game. B. Josh prefers schoolwork to football games. C. Josh can't go the game and finish the paper. D. going to the game won't be fun.
In response to a shortage the market price of a good will rise; as the price rises, the demand will decrease and supply will increase until equilibrium is reached
Indicate whether the statement is true or false
What are intermediate goods? Why do economists exclude the value of intermediate goods while calculating national income?
A period of time in which an individual is continuously unemployed is called an unemployment
A. participation period. B. duration. C. spell. D. rate.