In a perfectly competitive market:
A) the long-run market price is equal to the average fixed cost of the industry.
B) the long-run market price is less than the minimum average cost of the industry.
C) the long-run market price is more than the minimum average cost of the industry because of free entry and exit of firms.
D) the long-run market price is equal to the minimum average cost of the industry because of free entry and exit of firms.
Question 2
We all use the services of speculators as information in reaching our own economic decisions
A) because speculators are aggressive about marketing the information they produce.
B) because we all use prices, which are set by bids and offers based on predictions of the future.
C) if we buy or sell commodities through an organized exchange.
D) if we play the stock market.
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The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ...