Which of the following is not a characteristic of the long-run equilibrium in perfect competition
a. Each firm is producing an efficient quantity.
b. Price equals ATC for each firm.
c. Each firm earns a zero economic profit.
d. Each firm produces at the minimum point on the MC curve.
Ans: d. Each firm produces at the minimum point on the MC curve.
Economics
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A self-correcting mechanism tending to bring a country's balance of payments into equilibrium exists under __________ exchange rate systems
A) fixed and floating B) floating, but not fixed C) fixed, but not floating D) neither fixed nor floating
Economics
Recently, consumption has comprised approximately
A) one-half of GDP. B) two-thirds of GDP. C) three-fourths of GDP. D) four-fifths of GDP.
Economics