"In a long-run equilibrium, price is equal to average total cost." This statement applies to
a. competitive markets, but not to monopolistically competitive markets or monopolies.
b. competitive and monopolistically competitive markets, but not to monopolies.
c. competitive markets, monopolistically competitive markets, and monopolies.
d. None of the above is correct.
b
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According to the law of demand, the higher the price, the lower the quantity demanded. But, five years ago the Dropouts used to sell only 50 tickets for their shows at $5 each. Today they sell 5000 tickets at $20 each
Does the change described above contradict the law of demand? A) Yes, because the price has fallen and the quantity demanded has fallen. B) Yes, because the price has risen and the quantity demanded has risen. C) No, because the supply has risen. D) No, because other things weren't constant.
Refer to Table 22-5. Consider the statistics in the table above in describing the industrialized countries. Are these consistent with the economic growth model? Briefly explain
What will be an ideal response?