1. Which of the following firms cannot make an economic profit in the long run? A. They can all make economic profit in the long run B. The monopoly
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Question

1. Which of the following firms cannot make an economic profit in the long run?

A. They can all make economic profit in the long run

B. The monopoly

C. The oligopoly

D. The monopolitically competitive firm

E. The perfectly competitive firm


2. In the short run, which of the following firms should attempt to produce where average total costs are at a minimum in order to maximize profits to minimize losses?

A. None of the above

B. Monopoly

C. Lipsey and steiners economic chapter 19, a monopolistically competitive firm

D. Oligopoly

E. Perfectly competitive firm


3. In order to have the consumer pay for the last unit just what it cost to produce the last unit

A. Average cost must be at a minimum

B. Marginal revenue should equal price

C. Marginal cost should equal price

D. Price should equal average cost

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