I would like to find out whether the following statements are true:
The equilibrium of the firm and the equilibrium of the industry are the same in the short run as well as the long run.
In the short run, the firm is in equilibrium when MC=MR=P
When the industry is in equilibrium, the firm will make normal profit only.
A monopolist can set its quantities sold and the price of the product independent of each other
Recently Asked Questions
- what are some drug enforcement strategies that deal with reducing the supply of illicit drugs
- Shirley, a recent college graduate, excitedly described to her older sister the $ 1880 sofa, table, and chairs she found today. However, when asked
- what are some of the concepts of community policing and how do they relate to drug control in communities