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In the long-run equilibrium, each firm in a perfectly competitive industry will choose the plant size associated with minimum long-run average cost. Is this TRUE or FALSE? And why?
Ali Pizza’s production function is shown in the table above. Ali currently operates Plant2. He hires workers at a wage rate of $50 a day and his total fixed cost is $150. a) Calcul
Shifts in Supply and Demand When supply and demand vary at the same time, the impact on the equilibrium price and quantity is known by: 1. The shape of the supply and dema
in the keynesian model the price is assumed to be what? a.exogeneous and remaaining constant b. endogeneous and remaining constant which is correct?
Explain how diminishing returns differ from diminishing returns to scale. The answer should clearly distinguish among SR (one or more factors are fixed) and LR (where all facto
Find the highest interest rate: There are 2 entrepreneurs, Sally and Paul. The return to their projects are given by: To finance the project, each entrepreneur needs
where does stage 1 end?
what are the similarities and differences of marginal productivity and marginal utility
What main features are found in oligopolies? Assumptions of oligopoly Four or five firm concentration ratio Frequently there are benefits of scale to be had Merg
What is meant by dumping? Dumping is when a producing country dumps goods on foreign markets at a price lower than either the price on the home market or below the cost (HL: ma
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