Explain the difference between the short run and the long run in terms of the number of firms in a competitive market
In the short run, the number of firms is fixed. In the long run, the number of firms can change due to entry and exit.
Economics
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When a market is in equilibrium, the total amount of consumer surplus must be ________ the total amount of producer surplus
A) larger than B) equal to C) less than D) None of the above answers are correct.
Economics
Which of the following is the most accurate statement?
a. Trade policy has neither microeconomic nor macroeconomic effects. b. Trade policy has similar microeconomic and macroeconomic effects. c. The effects of trade policy are more macroeconomic than microeconomic. d. The effects of trade policy are more microeconomic than macroeconomic.
Economics