In a perfectly competitive market, the price in the long run:
A) will always be more than the minimum average total cost of the industry.
B) will always be less than the minimum average total cost of the industry.
C) will always equal the minimum average total cost of the industry.
D) will always equal the average fixed cost of the industry.
C
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The data in the national income and product accounts are compiled by
A. the House Ways and Means Committee. B. the Bureau of Economic Analysis. C. the Bureau of Labor Statistics. D. the Federal Reserve.
A firm suffering economic losses decides whether or not to produce in the short run on the basis of whether
A. revenues from operating are sufficient to cover fixed costs. B. revenues from operating are sufficient to cover fixed plus variable costs. C. revenues cover variable costs. D. Firms suffering economic losses will always shut down.