When demand increases in a perfectly competitive market, in the short run _______________, and in the long run _______________.
A. quantity supplied increases; supply increases
B. quantity supplied increases; supply decreases
C. quantity supplied decreases; supply decreases
D. quantity supplied decreases; supply increases
A. quantity supplied increases; supply increases
Economics
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Who does NOT earn economic rent in a competitive factor market?
A) No one B) Everyone C) The last factor of production hired D) The inframarginal workers E) Only owners of physical properties earn economic rents
Economics
Refer to Figure 8.1. At the profit-maximizing level of output,
A) AVC is minimized. B) ATC is minimized. C) MC is minimized. D) total cost is minimized. E) no costs are minimized.
Economics