What is a long-run average cost curve?
What will be an ideal response?
It is the lower envelope of the short-run average cost curves.
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If at its current production level, a perfectly competitive firm's marginal revenue and long-run marginal cost are equal to $1.50 and its long-run average cost is $1.65, which of the following statements is true?
A) The firm should expect the market price of its product to increase. B) The firm should expect to earn positive economic profit indefinitely. C) The firm should expect the market price of its product to fall. D) The firm should expect the market supply curve to increase.
The Clayton Act was
A. repealed by the next Congress. B. vetoed by President Wilson. C. declared unconstitutional by the United States Supreme Court. D. eviscerated by President George W. Bush.