All firms produce where a. marginal revenues are greater than or equal to marginal costs b. average total costs are greater than marginal costs c. short-run profits are less than long-run profits d. marginal benefits are greater than marginal profits A perfect competitor is a __________ and can earn economic profits ____________. a. price maker, in only the long run b. price taker, in only the short run c. price taker, in both the short run and long run d. price maker, never e. price maker, in both the short run and long run The upward-sloping portion of a long-run average total cost curve is the result of economies of scale. diseconomies of scale. diminishing returns. the existence of fixed resources.
All firms produce where
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a. |
marginal revenues are greater than or equal to marginal costs |
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b. |
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c. |
short-run profits are less than long-run profits |
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d. |
marginal benefits are greater than marginal profits |
A perfect competitor is a __________ and can earn economic profits ____________.
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a. |
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b. |
price taker, in only the short run |
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c. |
price taker, in both the short run and long run |
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d. |
price maker, never |
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e. |
price maker, in both the short run and long run |
The upward-sloping portion of a long-run average total cost curve is the result of
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economies of scale. |
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diseconomies of scale. |
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diminishing returns. |
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the existence of fixed resources. |
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