In the long run, firms will offer supply at the point where P = MR = MC if:
A) MC is rising.
B) MC is falling.
C) MC is constant.
D) P > AC
Correct Answer:
Verified
Q7: Economic profit:
A) cannot be negative.
B) can exceed
Q8: By itself, a reduction in import tariffs
Q9: In a perfectly competitive market:
A) sellers and
Q10: Price and product quality competition tends to
Q11: For a firm in perfectly competitive market
Q13: The rate of return necessary to attract
Q14: A firm will earn normal profits when
Q15: Above-normal profits in a perfectly competitive market
Q16: Industry cartels never:
A) give rise to price
Q17: In the long run, firms will exit
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