In a perfectly competitive market, a firm in long-run equilibrium will be operating
A) to the right of the minimum of the long-run average cost curve.
B) to the left of the minimum of the long-run average cost curve.
C) at the minimum of the long-run average cost curve.
D) at the minimum of the marginal cost curve.
Answer: C
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Macroeconomics is concerned with
A) individual business firms. B) specific industries. C) individual consumers. D) a nation's entire economy.
For a monopolist,
a. marginal revenue and price are constant as quantity increases b. marginal revenue falls but price is constant as quantity increases c. marginal revenue is constant but price falls as quantity increases d. both marginal revenue and price fall as quantity increases, but price falls faster e. both marginal revenue and price fall as quantity increases, but marginal revenue falls faster