Long-run average cost is never greater than short-run average cost because in the long run
A) capital costs equal zero.
B) the firm can move to the lowest possible isocost curve.
C) wages always increase over time.
D) wages always decrease over time.
B
Economics
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Taxes on specific goods such as cigarettes, gasoline, and alcoholic beverages are called
a. sales taxes. b. excise taxes. c. social insurance taxes. d. consumption taxes.
Economics
In a competitive industry, each firm has a cost function 
(for a given set of input prices). Demand for the industry's output is 
. The (long run) equilibrium number of firms is
A. 120 B. 58 C. 46 D. 34 E. 29 F. 12 G. 2 H. None of the above
Economics