The long-run is a period during which a firm
Sells inputs to purchase fixed assets
Varies all its inputs
Sources all its inputs from within
Replaces all its inputs
Correct answer is B
No explanation has been provided for this answer.
In the long-run, a monopolist maximized his profit when the marginal cost equals
Total revenue
Marginal revenue
Average revenue
Price
Correct answer is D
No explanation has been provided for this answer.
Internal economies of scale are expected to bring about
An increase in short-run average cost
An increase in long-run average cost
A decrease in long-run average cost
A decrease in short-run average cost
Correct answer is B
No explanation has been provided for this answer.
A firm's shut-down point is reached when the average revenue fails to cover the
Average variable cost
Marginal cost
Average total cost
Average fixed cost
Correct answer is B
No explanation has been provided for this answer.
A consumer's scale of preference is an arrangement of his
Scarce resources in order of importance
Needs in order of importance
Sources of income and their importance
Requirements and how to satisfy them
Correct answer is B
No explanation has been provided for this answer.