When a perfectly competitive market has fully adjusted to demand and supply conditions, all of the following are true except:
A) P = MC.
B) P = the minimum of SRATC.
C) P = the minimum of LRAC.
D) P = the minimum of AVC.
D
Economics
You might also like to view...
Coke and Pepsi are an example of:
a. inferior goods. b. unrelated goods. c. substitutes. d. complements.
Economics
All of the following, except one, would increase the demand for a particular model of a Ford automobile. Assume that this model is a normal good. Which is the exception?
a. an increase in buyers' incomes b. increased prices of other Ford models c. an expected future increase in the price d. an increase in the U.S. population e. a decrease in the price of steel
Economics