Multiple Choice
A necessary condition for an industry to be in long- run competitive equilibrium is:
A) each firm's profit is positive, but very small.
B) the firm's short- and long- run marginal costs are equal.
C) consumers' surplus is maximized.
D) total revenue is greater than LTC for each firm.
Correct Answer:
Verified
Correct Answer:
Verified
Q34: A competitive equilibrium:<br>A)is never Pareto- optimal.<br>B)requires a
Q35: In a perfectly competitive industry, an increase
Q36: Andrew's demand for fish is: Q<sub>A</sub>=12- 3P.
Q37: If a firm has TC = 2q<sup>3/2
Q38: When referring to supply, the intensive margin
Q40: Mattel Toys Inc. is a competitive firm
Q41: A profit maximizing firm:<br>A)also minimizes marginal costs.<br>B)behaves
Q42: suppose there are two individual demand curves;
Q43: If Demand is given by P =
Q44: Suppose that lots of companies make widgets.