Which of the following conditions will be present when a price-taker market is in long-run equilibrium?
a. Price will exceed marginal revenue.
b. Firms will earn economic profit.
c. Marginal revenue will exceed marginal cost.
d. Average total cost will be at a minimum.
D
Economics
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Social capital is
a. the shared values and trust that promote cooperation in the economy b. the buildings and equipment used to produce goods and services c. a government regulation aimed at improving health and safety d. the accumulated knowledge, skill, and experience of the labor force e. the owner's own or borrowed money invested in a business
Economics
First-come, first-serve allocation schemes promote efficiency
Indicate whether the statement is true or false
Economics