In a perfectly competitive market equilibrium,
a. each firm's marginal cost is equal to the market price
b. each consumer's marginal utility is equal to the market price
c. each firm's marginal cost is equal to each consumer's marginal utility
d. price equals minimum marginal cost
e. price equals minimum average total cost
E
Economics
You might also like to view...
Which of the following concepts is most helpful in explaining why investment increases when the interest rate falls?
a. deadweight loss b. present value c. economic growth d. financial intermediation
Economics
A highly charitable person, such as Mother Theresa, will be influenced by
A) changes in costs, but not benefits. B) both changes in benefits and costs. C) changes in benefits, but not costs. D) neither changes in benefits nor costs.
Economics