Assume That the firms operate as purely competitive sellers (a purely competitive industry) In the long run, equilibrium price equals _________ quantity equals _________ and profits total _________?

Related Mcqs:

Among the institutions and policies that have been created to support developing countries are?

A. the world Bank B. the international Monetary Fund C. The Generalized System of Preferences D. All of the above...

Concerning tariff policy, the United States does not charge?

A. lower tariff rates on goods from nations with normal trade relation status B. lower tariff rates on goods from nations with most favored nation status C. low or zero tariffs on goods from certain developing countries D. identical tariff rates in products from all countries of the world...

Which of the following organizations primarily provides long-term loans to developing countries to help them develop their infrastructure such as schools hospitals and roads ?

A. World Bank B. International Monetary Fund C. Council on Foreign Relations D. Organization of petroleum Exporting Countries...

Import substitution is an example of ?

A. the principle of comparative advantage B. the principle of absolute advantage C. an outward-looking growth strategy D. an inward-looking growth strategy...

Suppose that the firms collude and become a cartel The best level of output for the cartel as a whole is ___________ the price equals __________ and profits total __________?

A. 2 million barrels per day, $100, $60 million B. 4 million barrels per day, $80, $160 million C. 6 million barrels per day, $60, $60 million D. 8 million barrels per day, $40, $20 million...