A competitive price-taker market in long-run equilibrium is described as efficient because firms
a. produce at the low point on their average cost curve.
b. produce where marginal cost yields a profit.
c. earn no more than the cost of capital.
d. are not profitable.
A
Economics
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The figure above shows that the government subsidy accounts for ________ percent of the farmers' revenue
A) 33 B) 67 C) 50 D) 100 E) 25
Economics
Technological efficiency, defined in terms of completely objective relationships,
A) has no useful meaning. B) influences the decisions of engineers but not of business executives. C) influences the decisions of engineers but not of economists. D) is more important in the long run than in the short run, where profitability tends to dominate decisions.
Economics