Under both perfect competition and monopoly, a firm:
a. is a price taker.
b. is a price maker.
c. will shut down in the short-run if price falls short of average total cost.
d. always earns a pure economic profit.
e. sets marginal cost equal to marginal revenue.
e
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A voting procedure in which each voter ranks alternatives and awards more points to higher-ranked alternatives and fewer points to lower-ranked alternatives,
and the alternative which receives the most total points from all voters wins, is known as the A) Borda-count method. B) Condorcet method. C) instant runoff method. D) plurality-rule method
Automatic stabilizers create ________ during recessions from increased government spending on welfare and unemployment insurance, and reduced tax revenues, and create _________ during peak growth periods of the economy from reduced government welfare spending and increased tax revenues
a. fiscal stimulus, fiscal contraction b. fiscal stimulus, fiscal stimulus c. fiscal contraction, fiscal stimulus d. fiscal contraction, fiscal contraction