In long-run equilibrium, the typical perfectly competitive firm will:
a. earn zero economic profit.
b. change plant size in the long run.
c. change output in the short run.
d. do any of these.
a
Economics
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If the demand elasticity for a product is -2, and a profit-maximizing firm sells the product for $10, its marginal cost must be
A) $5. B) $10. C) $15. D) $8.
Economics
If a monopolist's marginal revenue is $25 and its marginal cost is $19, then the monopolist should:
A. leave its output and price unchanged. B. increase its output. C. decrease its output. D. raise its price.
Economics