In the long run, a firm will enter a competitive industry if
a. total revenue exceeds total cost.
b. the price exceeds average total cost.
c. the firm can earn economic profits.
d. All of the above are correct.
d
Economics
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Suppose that the consumer price index in Eastlandia rises from 150 to 159 over the past year, and that the city sets its car registration prices so that real prices stay the same. If the cost to register a car was $50 last year, how much would it cost this year, in nominal terms?
a) $50 b) $53 c) $56 d) $59
Economics
Refer to Figure 7-2. At the efficient equilibrium
A) economic surplus is zero. B) economic surplus is negative. C) economic surplus is minimized. D) economic surplus is maximized.
Economics