Long-run average cost of the perfectly competitive firm includes the
a. cost of raw materials per unit of output.
b. opportunity cost of labor per unit of output.
c. opportunity cost of capital per unit of output.
d. All of the above are correct.
d
Economics
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Based on the production data for Pat's Pizza Parlor in the above table, which of the following pair of workers have the same average product?
A) 1 and 2 B) 2 and 4 C) 1 and 5 D) 2 and 5
Economics
Entry continues as long as
A) economic profits are zero. B) accounting profits are positive. C) accounting profits are positive and economic profits are negative. D) economic profits are positive.
Economics