Economics - Study Mode

[#496] A particular price level, there are no forces tending to move it either up or down, it means 1. the firm is in equilibrium. 2. the price is in equilibrium. 3. the equilibrium price of the firm. 4. the equilibrium price and quantity of a firm. Select the correct answer
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(B) 1, 2 and 4

[#497] The Bergson criteria are related to
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(C) Welfare Economics

[#498] The economic environment of a business includes
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(D) All of the above

[#499] If the price was fixed below the equilibrium price there would be
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(B) excess demand

[#500] A perfectly competitive firm should reduce output or shut down in the short run if market price is equal to marginal cost, and the price is
Correct Answer

(D) Less than average variable cost