When a competitive price-taker market is in long-run equilibrium
a. the firms in the market will earn zero economic profit.
b. the average total cost of the firms in the market will be minimized.
c. every unit of the relevant good that is valued more than its opportunity costs will be produced and sold.
d. all of the above are correct.
D
You might also like to view...
Which of the followings statements is true?
A) The amount of capital accumulation will be higher if the capital stock of last year was low. B) The amount of depreciation will be lower if the investment on capital last year was high. C) The amount of capital accumulation will be higher if the capital stock of last year was high. D) The amount of depreciation will be higher if the investment amount on capital last year was low.
The Reagan tax cut of 1981 was an attempt to: a. stimulate aggregate supply
b. stimulate aggregate demand. c. stabilize the value of the U.S. dollar. d. increase demand for U.S. exports. e. reduce the federal budget deficit.