« previous next »

Author Question: The figure above shows the marginal revenue and long-run cost curves for a perfectly competitive ... (Read 114 times)

maychende

  • Hero Member
  • *****
  • Posts: 556
on: Jun 29, 2018
The figure above shows the marginal revenue and long-run cost curves for a perfectly competitive firm. All other firms in the industry have identical curves. Which of the following statements is TRUE?
 
  A) The firm's average cost exceeds the price.
  B) Over time, firms will enter this industry.
  C) The firm is earning economic profit.
  D) None of the above is true.

Question 2

Lee, J Brand, Joe's Jeans, Paper Denim & Cloth, Levi's, Wrangler, and many others are all producers of jeans. In what type of market does Lee operate?
 
  A) monopolistic competition
  B) monopoly
  C) oligopoly
  D) perfect competition


scikid

  • Sr. Member
  • ****
  • Posts: 300
Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

A


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Throughout history, plants containing cardiac steroids have been used as heart drugs and as poisons (e.g., in arrows used in combat), emetics, and diuretics.

Did you know?

The Food and Drug Administration has approved Risperdal, an adult antipsychotic drug, for the symptomatic treatment of irritability in children and adolescents with autism. The approval is the first for the use of a drug to treat behaviors associated with autism in children. These behaviors are included under the general heading of irritability and include aggression, deliberate self-injury, and temper tantrums.

Did you know?

Asthma is the most common chronic childhood disease in the world. Most children who develop asthma have symptoms before they are 5 years old.

Did you know?

According to the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of food allergy. Food allergies affect between 4 and 6% of children, and 4% of adults, according to the CDC. The most common food allergies include shellfish, peanuts, walnuts, fish, eggs, milk, and soy.

Did you know?

The National Institutes of Health have supported research into acupuncture. This has shown that acupuncture significantly reduced pain associated with osteoarthritis of the knee, when used as a complement to conventional therapies.

A 19-foot-long blue whale skull in the collections of the Smithsonian Museum of Natural History A 19-foot-long blue whale skull in the collections of the Smithsonian Museum of Natural History
This map shows the percentage of Protestants by state in Germany. When compared to the previous map This map shows the percentage of Protestants by state in Germany. When compared to the previous map
Long-term Potentiation in the granule cell layer of the rat hippocampal dentate gyrus. (Traces ... Long-term Potentiation in the granule cell layer of the rat hippocampal dentate gyrus. (Traces ...
Ayurvedic massage. Long sweeping stroke from foot around shoulder and down the arm, recipient prone. Ayurvedic massage. Long sweeping stroke from foot around shoulder and down the arm, recipient prone.
How Long Do You Ovulate After Your Period? How Long Do You Ovulate After Your Period?
A bank statement shows a balance of $2,970.31 The check register of the account owner shows an ... A bank statement shows a balance of $2,970.31 The check register of the account owner shows an ...
Video: Introduction to Human Immunodeficiency Virus (HIV)

For a complete list of videos, visit our video library