Firms can earn economic profits even in the long run if
a. they charge the highest price possible
b. there is a cost-reducing technological change
c. there are significant barriers to entry
d. marginal revenue equals marginal cost
e. price is less than average variable cost at all rates of output
C
Economics
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If the total output is 300, the velocity of money is 5, and the money supply is 600, then the price level is
A) 10.0. B) 2.0. C) 2.50. D) 5.0.
Economics
A recession is defined as:
A. the minimum point in the business cycle before the recovery phase. B. a fall in the natural rate of unemployment. C. a rise in the natural rate of unemployment. D. a fall in real GDP that lasts six months or longer.
Economics