Profit-maximizing firms enter a competitive market when, for existing firms in that market,
a. total revenue exceeds fixed costs.
b. total revenue exceeds total variable costs.
c. average total cost exceeds average revenue.
d. price exceeds average total cost.
D
Economics
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What are the different steps involved in optimization in differences?
What will be an ideal response?
Economics
Robert Lucas and his followers have argued that the Philips curve appears to be:
a. a vertical line. b. a horizontal line. c. a negatively-sloped curve. d. a positively-sloped curve.
Economics