Examlex
A competitive (price-taking) firm will produce so long as its economic profit is sufficiently above zero to enable the firm to pay the owners of the firm for their time and effort.
Supply Curve
A graph showing the relationship between the price of a good and the quantity supplied by producers.
Long-run Equilibrium
A state in which all factors of production and outputs are variable, allowing for the adjustment of all inputs, leading to a balanced economic condition over time.
Zero Economic Profits
Occurs when a firm earns just enough revenue to cover its total costs, including opportunity costs, but no more.
Efficiently
Performing or functioning in the best possible manner with the least waste of time and effort.
Q2: If consumers within an industry cannot be
Q2: In a competitive separating equilibrium, low cost
Q2: When set correctly, a Pigouvian tax is
Q6: Whether or not a pooling equilibrium exists
Q9: A tax on interest income could be
Q13: According to the Coase Theorem, so long
Q24: Unless a good is a Giffen good,
Q28: When perfect price discrimination comes in the
Q51: Which of the following countries is not
Q106: Suppose that U.S. tastes for British goods