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A. participants in a contestable market are continuously faced with competition or the threat of competition because entry is cheap
B. In a contestable market, economic profits cannot persist in the long run.
C. In a contestable market forces will guarantee that the firms produce efficiently or be driven out of business
D. For a market to be contestable, the product must be produced with a labor-intensive technology
- Which of the following is most likely to be a variable cost for a firm ?
- A. The franchiser’s fee that a restaurant must pay to the national restaurant chain B. The payroll taxes that are paid on employee wages. C. The monthly rent on office space that it leased for a year D. The interest payments made on loans....
- 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...
- The costs that depend on output in the short run are ?
- A. total fixed cost only. B. total variable costs only. C. both total variable costs and total costs. D. total costs only...
- Economic profits are ?
- A. the difference between total revenue and total costs. B. anything greater than the normal opportunity cost of investing C. the opportunity costs of all inputs D. a rate of profit that is just sufficient to keep owners and investors satisfied...
- The kinked demand curve model of oligopoly assumes the elasticity of demand ?
- A. in response to a price increase is less elastic than the elasticity of demand in response to a price decrease B. is perfectly elastic if price increases and perfectly inelastic if price decreases C. is constant regardless of whether price increase of decrease. D. in response to a price increases is more elastic than … The kinked demand curve model of oligopoly assumes the elasticity of demand ?Read More...
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