Falling energy prices could explain rising labor productivity in the 1990s
a. and the 1980s.
b. and the 1970s.
c. but not the 1980s.
d. but not the 1970s.
c
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Refer to Figure 13-17. In the long run, why will the firm produce Qf units and not Qg units, which has a lower its average cost of production?
A) At Qg, marginal revenue is less than average revenue which will result in a loss for the firm. B) Although its average cost of production is lower when the firm produces Qg units, to be able to sell its output the firm will have to charge a price below average cost, resulting in a loss. C) At Qg, average cost exceeds marginal cost so the firm will actually make a loss. D) The firm's goal is to charge a high price and make a small profit rather than a low price and no profit.
A perfectly competitive firm's supply curve follows the upward-sloping segment of its marginal cost curve above the:
a. average total cost curve. b. average variable cost curve. c. average fixed curve. d. average price curve.