In perfect competition, _____
a. economic profits are eliminated by entry in the long run
b. economic profits are eliminated by exit in the long run
c. price is greater than marginal cost at the profit-maximizing equilibrium
d. the marginal cost curve is perfectly elastic in the long run
a
Economics
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"When a person has an absolute advantage in producing a good, the person necessarily has a lower opportunity cost of producing it." Is this assertion true or false?
What will be an ideal response?
Economics
Refer to the scenario above. If the best response of one bidder is to place a bid of $9,000, what is her maximum willingness to pay for the necklace?
A) $10,000 B) $9,000 C) $4,500 D) $18,000
Economics