Which of the following statements is true?
A) The marginal entrant in a market earns the highest profit.
B) The marginal entrant has the lowest cost among all firms in the market.
C) Difference in technology and experience can lead to firms having non-identical costs even under perfect competition.
D) In a market that has identical cost structures for all firms, there is possibility of positive economic profits in both the short run and the long run.
C
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The difference between a tariff and a quota is that the revenue from the tariff goes to the
A) domestic consumer. B) domestic producer. C) domestic government. D) foreign producers. E) foreign government.
Which of the following is likely to result in a smaller equilibrium quantity exchanged? a. An increase in both demand and supply
b. A decrease in both demand and supply. c. An increase in demand and a decrease in supply. d. A decrease in demand and an increase in supply.