Economics 12E - Arnold - TB_192

Economics 12E - Arnold - TB_192 - because it produces where...

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because it produces where price a. equals minimum average total cost. b. equals marginal revenue. c. equals marginal cost. d. is greater than minimum average variable cost. ANSWER: c POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Perfect competition KEYWORDS: Bloom's: Comprehension 104. Which of the following is not a condition of long-run competitive equilibrium? a. Economic profits are zero. b. Marginal revenue is greater than marginal cost. c. Price is equal to marginal cost. d. Firms do not have an incentive to change plant size. e. none of the above ANSWER: b POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Perfect competition KEYWORDS: Bloom's: Comprehension 105. Assume that a decreasing-cost industry experiences an increase in demand. In the short run, this will POINTS: 1 DIFFICULTY: Challenging NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Perfect competition KEYWORDS: Bloom's: Application
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