+1 (347) 474-1028 info@essayparlour.com

At quantities less than the long-run least per-unit cost qua

Paper help Economics At quantities less than the long-run least per-unit cost qua

Economics

At quantities less than the long-run least per-unit cost qua

At quantities less than the long-run least per-unit cost quantity of output, the long-run average co… Show more At quantities less than the long-run least per-unit cost quantity of output, the long-run average cost curve is tangent to the _______ of the corresponding short-run average cost curve. minimum maximum right of the minimum left of the minimum Which of the following is true? The long-run industry supply curve relates the price of a good or service to the quantity produced after all adjustments to a price change have been completed. Every point on a long-run industry supply curve shows a price and quantity supplied at which firms in the industry are earning positive economic profit. In establishing the long-run industry supply curve, factor costs and the number of firms are held constant. In perfectly competitive industries, the long-run supply curve is always horizontal. If a monopolist is producing a quantity that generates MC = P, then profit: is maximized. is maximized only if MR = P. can be increased by increasing production. can be increased by decreasing production. In equilibrium in a perfectly competitive labor market, the price of labor: is the same as the MFCL. is less than the MRPL. times MPL is equal to the MFCL. per unit of time is higher than the wage per unit of time. This profit-maximizing monopoly firm’s cost per unit at its profit-maximizing quantity is: $8. $15. $16. $18. • Show less

Order Now

Ready to try a high quality writing service? Get a discount here