Author Question: In the model of perfect competition, A) all firms earn zero economic profit in the long run. B) ... (Read 82 times)

audragclark

  • Hero Member
  • *****
  • Posts: 579
In the model of perfect competition,
 
  A) all firms earn zero economic profit in the long run.
  B) all firms use the lowest-cost technologies.
  C) all firms take the prevailing market price as given.
  D) all participants fully exhaust any potential gains from trade.
  E) all of the above occur.

Question 2

Government is a social institution
 
  A) in which people do not engage in competition.
  B) in which the public interest, rather than private interests, guide individual behavior.
  C) whose behavior is determined by individuals' perceptions of marginal costs and marginal benefits.
  D) whose detailed actions are governed by the will of the majority.



Jayson

  • Sr. Member
  • ****
  • Posts: 350
Answer to Question 1

E

Answer to Question 2

C



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

The senior population grows every year. Seniors older than 65 years of age now comprise more than 13% of the total population. However, women outlive men. In the 85-and-over age group, there are only 45 men to every 100 women.

Did you know?

The toxic levels for lithium carbonate are close to the therapeutic levels. Signs of toxicity include fine hand tremor, polyuria, mild thirst, nausea, general discomfort, diarrhea, vomiting, drowsiness, muscular weakness, lack of coordination, ataxia, giddiness, tinnitus, and blurred vision.

Did you know?

Between 1999 and 2012, American adults with high total cholesterol decreased from 18.3% to 12.9%

Did you know?

On average, someone in the United States has a stroke about every 40 seconds. This is about 795,000 people per year.

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

For a complete list of videos, visit our video library