Full equilibrium under perfect competition requires that?
MC =MR and AC =AR
MC = MR but AR>AC
MR =MC =AR=AC
TR>TC
MR=MC
Correct answer is C
Equilibrium in perfect competition is the point where market demands will be equal to market supply.
The long-run equilibrium of a perfectly competitive market occurs when marginal revenue equals marginal costs, which is also equal to average total costs.
The country will be over populated when
The rate of birth is high
The death rate is low
The growth rate is high
Population is increasing more than resources in the country
More commodities are imported
Correct answer is C
No explanation has been provided for this answer.
The quantity supplied of a commodity increases best when
Production increases
Demand increases
Price of the commodity increases
Population of the country increases
More commodities are imported
Correct answer is C
No explanation has been provided for this answer.
Price of scarce goods
Resources required for making a commodity
Cost of luxury goods
Accrual of financial loses by chance
Alternative forgone in other to satisfy a want
Correct answer is E
No explanation has been provided for this answer.
The total cost of production
The extra cost of producing one additional unit of output
Cost of producing a unit of output
Variable cost
Overhead cost
Correct answer is C
No explanation has been provided for this answer.