Which of the following statements is false?
A) In a long-run equilibrium, marginal firms make zero economic profit.
B) To maximize profit, firms should produce at a level of output where price equals average variable cost.
C) The amount of gold in the world is limited.Therefore, the gold jewelry market probably has a long-run supply curve that is upward sloping.
D) Long-run supply curves are typically more elastic than short-run supply curves.
Correct Answer:
Verified
Q104: When new firms enter a perfectly competitive
Q131: The exit of existing firms from a
Q141: In the long-run equilibrium of a market
Q155: When firms are neither entering nor exiting
Q164: A market might have an upward-sloping long-run
Q174: When firms in a competitive market have
Q197: When all firms and potential firms in
Q198: In the long-run equilibrium of a competitive
Q203: Consider a competitive market with a large
Q206: In a competitive market with identical firms,
A)an
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents