FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which of the following does not hold true for a perfectly competitive firm in a long-run equilibrium? a) marginal cost will be minimized b) It

Which of the following does not hold true for a perfectly competitive firm in a long-run equilibrium? a) marginal cost will be minimized b) It will minimize average total cost c) It will charge a price equal to marginal cost d) Its economicptofit will be zero

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

How China Became Capitalist

How China Became Capitalist

Authors: Ronald Coase, Ning Wang

1st Edition

1137351438, 9781137351432

More Books

Students also viewed these Economics questions

Question

★★★★★
Discuss the advantages of activity-based costing.

Answered: 1 week ago

Question

★★★★★
Given the following system of equations for two complementary goods, trousers t and jackets j, find the equilibrium price and quantity, using the elimination method. Setting Qs = Qd for the...

Answered: 1 week ago

Question

★★★★★
Consider a network of three stations with a single server at each station. Customers arrive at stations 1, 2, 3 in accordance with Poisson processes having respective rates 5, 10, and 15.The service...

Answered: 1 week ago

Question

★★★★★
Jay Simons, the accountant of See Co., wanted to buy a new computer software package for his general ledger. He couldnt do it because all funds were frozen for the rest of the fiscal period. Jay...

Answered: 1 week ago

Question

★★★★★
What is the value of current liabilities? Cash $ 50,000 Inventory $ 9,000 Sales $ 30,000 Accounts Payable $ 9,000 Cost of Goods Sold $ 8,000 Accounts Receivable $ 18,000 Prepaid Insurance $ 8,000...

Answered: 1 week ago

Question

★★★★★
Presented below is the latest income statement of 4XU Corp: Sales$ 1,900,000 Cost of goods sold 1,125,000 Gross profit$ 775,000 Operating expenses 425,000 Income before income taxes350,000 Income...

Answered: 1 week ago

Question

★★★★★
Read the following passage: "Mary had been asking her neighbor to repair the fence on his goat pen all summer, but he'd only laughed at her and insisted the animals could not get out. So she was...

Answered: 1 week ago

Question

★★★★★
A machine costing $209,000 with a four-year life and an estimated $17,000 salvage value is installed in Luther Company's factory on January 1. The factory manager estimates the machine will produce...

Answered: 1 week ago

Question

★★★★★
Assume that an MNC has the following U-shaped long run average cost curve (AC), where Q stands for qua of ourpol AC B C AC1 AC2 F If this MNC is destroying value by undertaking negative NPV project,...

Answered: 1 week ago

Question

★★★★★
The most recent financial statements for Mandy Company are shown here: Income Statement Balance Sheet $ Sales Current assets 20,200 Costs 13,900 Fixed assets $ 11,960 Debt 31,950 Equity $ 16,480...

Answered: 1 week ago

Question

★★★★★
The ledger of Sunland Company contains the following balances: Owner s Capital $ 2 8 , 9 0 0 , Owner s Drawings $ 2 , 1 0 0 , Service Revenue $ 5 1 , 0 0 0 , Salaries and Wages Expense $ 2 6 , 4 0...

Answered: 1 week ago

Question

★★★★★
6. How great is the time-lag between when an event occurs until we get information about it?

Answered: 1 week ago

Question

★★★★★
1. Build trust and share information with others.

Answered: 1 week ago

Question

★★★★★
11. What types of information collected are most frequently used in decision-making?

Answered: 1 week ago

Previous Question Next Question