Examlex
If I use 1,000 gallons of water a month at a price of $.01 a gallon, is my consumer surplus likely to be large or small?
Explain.
Long Run
A period in which all factors of production and costs are variable, allowing for full adjustment to market changes.
Perfect Competitor
A theoretical market structure characterized by many sellers and buyers, homogeneous products, and free entry and exit, leading to efficient pricing and resource allocation.
Long Run
In economics, the long run refers to a period in which all factors of production and costs are variable, allowing for adjustment to changes in market conditions.
Marginal Revenue
The extra revenue obtained by selling an additional unit of a product or service.
Q1: Suppose that in a free market 2,000
Q36: As a general rule, an increase in
Q40: Cost minimization is the process of making
Q51: Two economists from Ohio University estimated that
Q65: Which of the following events create an
Q97: Firms often seek to borrow money to
Q125: Resources are used to create goods and
Q130: The opportunity cost of a college education
Q138: Assume that Figure 4-4 shows demand for
Q172: Scarcity is a concept that applies to