In long-run equilibrium, a perfectly competitive firm's short-run marginal cost curve crosses the long-run average cost curve at the lowest point on the long-run average cost curve
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following would have the biggest payoff?
A) increasing the Okun Gap B) restoring real GDP growth to its 1960s growth rate C) making the Okun Gap equal the Lucas Wedge D) eliminating the Okun Gap E) increasing the Lucas Wedge
Which of the following transactions takes place in factor markets?
A) Henry receives a commission from his employer for selling a new automobile. B) Jake purchases 1,000 shares of stock in the Wal-Mart Corporation through his online trading account. C) Sam enters the winning bid on a grand piano at a local auction. D) Justin receives $30 in exchange for mowing his neighbor's lawn. E) Lucille receives a $500 check from the U.S. Social Security Administration.