With Identical Firms, Constant Input Prices, and All the Other

question 70

Multiple Choice

With identical firms, constant input prices, and all the other characteristics of a competitive market

• A)the long run equilibrium price is the minimum of the average cost curve.
• B)a shift in demand will change the equilibrium price and quantity.
• C)the long run and short run equilibria are identical.
• D)Both A and B.

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Definitions:

Wages And Salaries

Payments to employees for their labor, either calculated by time worked or a fixed monthly rate.

Customers Served

The number of customers who have received service from a business over a particular period.

Revenue And Spending Variances

The differences between actual revenues and expenditures compared to budgeted or forecasted amounts, often analyzed to manage and improve financial performance.

Wells Serviced

The number of oil, gas, or water wells that have undergone maintenance, repair, or evaluation activities within a given period.