The long-run perfectly competitive equilibrium
A. results in normal profits.
B. is not economically efficient.
C. will never change once it is realized.
D. is realized only in constant-cost industries.
Answer: A
Economics
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A) liquidity. B) interest. C) produced goods that can be used to produce future goods. D) non-existent in a socialist economy. E) all of the above.
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A variable which is independent of the level of income is
A) endogenous. B) exogenous. C) autonomous. D) irrelevant to any theory of income determination.
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