Which of the following characterizes long-run equilibrium in perfect competition?
A) P = MC = ATC
B) P = MC < ATC
C) P > MC = ATC
D) P = MC > ATC
A
Economics
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Which of the following is an output of production?
A) a haircut B) a U.S. savings bond C) a share of Acme Corporation stock D) None of the above.
Economics
Appendix: Revenue equivalence theorem refers to equal seller revenue in which of the following pairs:
a. sealed bid auctions and English auctions b. second highest wins and pays auctions and Dutch auctions c. English highest wins and pays auctions and sealed bid Dutch auctions d. highest wins and pays auctions and second highest wins and pay auctions
Economics