The crucial aspect of competition among firms that leads to the condition of zero profits in the long run is
A. the number of firms in the industry is fixed.
B. free entry and exit of firms in the industry.
C. fixed costs equal zero.
D. all costs are at their least cost level.
B. free entry and exit of firms in the industry.
Economics
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Individuals who lease a new car
A) have a higher discount rate than those who buy. B) have a lower discount rate than those who buy. C) have the same discount rate as those who buy. D) behave irrationally and are taken advantage of by car companies.
Economics
Refer to the graph shown. The output range in region a is associated with:
A. constant returns to scale. B. diseconomies of scale. C. economies of scale. D. increasing marginal productivity.
Economics