If firms can neither enter nor leaves an industry, the relevant time period is the ?

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The rate at which a firm can substitute capital for labour and hold output constant is the ?

A. marginal rate of factor substitution B. marginal rate of substitution C. law of diminishing marginal returns. D. marginal rate of production...

The normal rate of profit for relatively risk-free firms will be _________ the interest rate on risk-free government bonds?

A. approximately one-half B. smaller than C. larger than D. approximately equal to...

An oligopoly with a dominant price leader will produce a level of output ?

A. equal to what a monopolist would choose in the same industry B. between that which would prevail under competition and that which a monopolist would choose in the same industry C. that would prevail under competition D. between that which would prevail under competition and that which a monopolistic competitor would choose in the … An oligopoly with a dominant price leader will produce a level of output ?Read More...

A firm in perfectly competitive industry is producing 50 units, its profit-maximising quantity. Industry price is £2 and total fixed costs and total variable cost are £25 and £40 respectively. The firm’s economic profit is ?

A. £35 B. £15 C. £30 D. £60...

In contestable markets, large oligopolistic firms, end up behaving like ?

A. perfectly competitive firms B. a cartel C. a monopoly D. monopolistically competitive firms....