An example of an essential facility is
A) the telephone line into your house.
B) U.S. Route 66.
C) the Golden Gate Bridge.
D) your local pizza parlor.
A
Economics
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Which of the following is NOT true for a perfectly competitive firm in the long run?
A) MR = MC B) MC > LAC C) Price = MC D) SAC = LAC
Economics
If price is above average variable cost and below average total cost, a profit-maximizing price taker should
a. immediately shut down; failing to do so is contrary to the idea of profit maximization in a competitive market. b. continue producing as long as it expects the market price to rise above average total cost in the near future. c. attempt to push price upward by slowly reducing output. d. cut price so more units can be sold.
Economics