ECON-3030-A1/A2/B1/B2-Managerial Economics-Winter-2025
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A perfectly competitive market is in short-run equilibrium with price below average total cost. Which one of the following is not a prediction of the long-run consequences of such a situation?
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When firms have an incentive to exit a competitive market, which of the following effects will their exit have?
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Suppose that a perfectly competitive industry is in long-run equilibrium. Then the price of a complement good decreases. What will happen?
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The maximum loss for a firm in long-run equilibrium is
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In which one of the following situations will a perfectly competitive firm earn positive economic profit?
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Suppose your trucking firm in a perfectly competitive industry is making zero economic profits in the short run. The federal government imposes a new safety regulation that affects all firms, thus shifting the marginal cost curve upward. As a result your firm's profit maximizing short-run output will
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Consider the short-run supply curve for a perfectly competitive industry. In general, which of the following statements are true?
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Which one of the following does NOT occur in perfect competition?
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Why will a perfectly competitive firm not sell its product below the prevailing market price?
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The perfectly competitive firm's demand curve is not
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