The equilibrium price is best defined as the price at which
a. demand is smaller than supply
b. suppliers want to supply more goods
c. demanders want to buy more goods
d. quantity demanded is equal to quantity supplied
e. the quantity demanded increases
D
Economics
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If a perfect competitor faces P = ATC in the long run, the firm will
A) earn economic profits. B) earn economic losses. C) leave the industry. D) remain in the industry.
Economics
If price decreases by 10 percent and quantity demanded increases by 3 percent, the price elasticity of demand will be
A) 3. B) 0.3. C) 3.33. D) 300.
Economics