In long-run equilibrium for a perfectly competitive firm, price equals which of the following?
a. Economies of scale.
b. Minimum short-run average total cost.
c. The sum of each short-run marginal cost curve.
d. All of these.
b
Economics
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Land used to grow corn could also be used to grow soybeans. Which of the following is true when the farmer plants soybeans and the market price of corn rises?
a. The opportunity cost of producing soybeans decreases. b. The opportunity cost of producing soybeans increases. c. There will be no change in the opportunity cost of producing soybeans. d. The opportunity cost of producing corn increases.
Economics
National defense and knowledge are generally considered to be
a. private goods. b. public goods. c. proprietary goods. d. societal goods.
Economics