True/False
If a profit-maximizing competitive firm has constant returns to scale, then its long-run profits must be zero.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q36: The production function is f(x<sub>1</sub>, x<sub>2</sub>)= x<sup>1/2</sup><sub>1</sub>x<sup>1/2</sup><sub>2</sub>.If
Q37: If the short-run marginal costs of producing
Q38: If there is perfect certainty, a competitive
Q39: Philip owns and operates a gas station.Philip
Q40: A fixed factor is a factor of
Q42: The production function is given by F(L)=
Q43: The production function is given by f(x)=4x<sup>1/2</sup>.If
Q44: The marginal product of a factor is
Q45: Jiffy-Pol Consultants is paid $1,000,000 for each
Q46: During the height of the pet rock