In long-run equilibrium, a competitive firm produces the level of output at which:
a. marginal cost is at a minimum.
b. short-run average total cost and long-run average cost are at a minimum.
c. total revenue is at a maximum.
d. diseconomies of scale end.
b
Economics
You might also like to view...
To examine how total production in an economy has changed over time, it would be better to examine
A) nominal GDP. B) real GDP. C) GDP at current prices. D) All of the above would give equal measures of production changes over time.
Economics
A barrier to entry is
A) a term used to explain why monopolies always make economic profits. B) a restriction on the profits that a monopoly can make. C) the situation when the government produces a good instead of relying on private firms to produce the good. D) a restriction on starting a business.
Economics