Multiple Choice
If the market price is above a firm's average cost at the quantity produced,
A) the firm operates and makes a profit.
B) the firm operates and makes zero economic profit.
C) the market price of the firm's inputs will rise.
D) total profit is maximized.
Correct Answer:
Verified
Correct Answer:
Verified
Q16: There are currently N identical firms in
Q17: With identical firms, constant input prices, and
Q19: If firms in a competitive market have
Q20: Economists define a market to be competitive
Q22: If a specific (per unit)tax is implemented<br>A)the
Q24: Suppose there are 1000 identical wheat farmers.
Q25: In the short run<br>A)firms will shut down
Q29: If the shutdown rule,p < AVC,is the
Q69: A market's structure is described by<br>A) the
Q75: In the absence of any government regulation