When firms are neither entering nor exiting a perfectly competitive market,
a. total revenue must equal total cost for each firm.
b. economic profits must be zero.
c. price must equal the minimum of marginal cost for each firm.
d. Both a and b are correct.
d
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Euro-optimists believe that the Eurozone has been successful because:
A) it has not collapsed since its inception. B) the euro is becoming a reserve currency for foreign central banks. C) European inflation has fallen to 10% annually. D) there are no exit mechanisms for countries to leave the Eurozone.
Charlston, a newly industrialized country, has a female population of 2.8 million. There are 1.08 million employed males in the country, while the number of dependent males is equal to 1.52 million. The GDP of Charlston is U.S. $298 billion. The output per capita of Charlston is approximately equal to _____
a. $275,925 b. $55,185 c. $196,035 d. $275,955 e. $79,810