In both price-taker and competitive price-searcher markets, the long-run market price of a good will be equal to the
a. average total cost of producing the good.
b. average variable cost of producing the good.
c. average fixed cost of producing the good plus a normal return on that cost.
d. marginal revenue derived from the sale of an additional unit of the good.
A
You might also like to view...
The budget deficits of the 1980s and early 1990s differ from others in the post-World War II era in that they were
a. a result of the Fed rather than a change in fiscal policy. b. temporary rather than structural, and pose no threat to the economy. c. not contracted to fight a war or end a recession. d. contracted as part of a program to plan the economy.
The original Dow Jones Industrial Average (DJIA) contained ____________ stocks, while the DJIA now consists of ____________ stocks.
A. 10; 500 B. 11; 30 C. 15; 50 D. 20; 60