Which of the following does not hold true for a perfectly competitive firm in long-run equilibrium?
A) Marginal cost will be minimized. B) It will minimize average total cost.
C) Its economic profit will be zero. D) It will charge a price equal to marginal cost.
A
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Checks and credit cards are NOT considered money because they
A) are issued by banks, not the Federal Reserve. B) are not the means of payment. C) typically require an identification requirement, such as your driver's license. D) are not backed by all commercial banks.
Natural gas is a natural monopoly. The figure above shows the market for natural gas in the city of Lucknow. When a marginal cost pricing rule regulation is imposed, the price per household per month is ________
A) $30 and 20,000 household are served B) $10 and 40,000 household are served C) $10 and 20,000 household are served D) $20 and 30,000 households are served