In the long run, under conditions of perfect competition, the buyer will eventually be able to buy the product at a
a. price equal to the lowest point on the ATC curve past the optimal scale of operation.
b. price below cost.
c. price equal to the lowest point on the ATC curve at the optimal scale of operation
d. discount.
c. price equal to the lowest point on the ATC curve at the optimal scale of operation
Economics
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When the current production of goods and services in an economy is greater than planned aggregate expenditure, _____
Fill in the blank(s) with the appropriate word(s).
Economics
To be useful, a model must
A. have assumptions that have been verified by empirical testing. B. predict accurately all of the time. C. predict more accurately than other models that have been developed. D. predict the behavior of every individual.
Economics