Which of the following conditions define the short-run for any industry?
a. Firms do not incur a fixed cost.
b. Firms incur both fixed as well as variable costs.
c. Firms can easily enter and leave the market.
d. Firms can enter but cannot leave the market.
Question 2
From a social viewpoint, when price = marginal cost:
a. the economy as a whole would be better off if more was produced.
b. the economy as a whole would be better off if less was produced.
c. firms would be better off by producing less.
d. the economic efficiency would be attained as a whole.
e. the consumers would be better by consuming less.
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