2 LAC,Ca. the price will decrease until P = LACOb. the price will stay the sameDc the price will increase until PLACQUESTION 38Examining the equilibrium conditions of individual markets and for...

QUESTION 36<br>In the long run, if for a firm in a competitive market, at the level of output where P MR = MC, the price is less than the firm's long run average<br>cost, P<LAC,<br>Oa. the price will decrease until P = LAC<br>Ob. the price will stay the same<br>Oc. the price will increase until P = LAC<br>QUESTION 37<br>In the long run, if for a firm in a competitive market, at the level of output where P= MR = MC, the price is greater than the firm's long<br>run average cost, P> LAC,<br>Ca. the price will decrease until P = LAC<br>Ob. the price will stay the same<br>Dc the price will increase until PLAC<br>QUESTION 38<br>Examining the equilibrium conditions of individual markets and for households and firms separately is referred to as<br>a. partial equilibrium analysis.<br>b. general equilibrium analysis.<br>C. comparative statics.<br>d. efficiency analysis.<br>QUESTION 39<br>An activity that makes some people better off and nobody worse off is a<br>a. voluntary exchange.<br>b.government transfer program such as Social Security.<br>c reduction in interest rates.<br>d. price floor that increases income to suppliers.<br>QUESTION 40<br>Assume that the marginal cost of producing steel does not include the cost of the damage to the environment as a result of pollution. By<br>producing where P= MC, the firm will be producing<br>a. the efficient amount of steel,<br>b. less than the efficient amount of steel.<br>ca zero quantity of steel.<br>d. more than the efficient amount of steel.<br>

Extracted text: QUESTION 36 In the long run, if for a firm in a competitive market, at the level of output where P MR = MC, the price is less than the firm's long run average cost, P LAC, Ca. the price will decrease until P = LAC Ob. the price will stay the same Dc the price will increase until PLAC QUESTION 38 Examining the equilibrium conditions of individual markets and for households and firms separately is referred to as a. partial equilibrium analysis. b. general equilibrium analysis. C. comparative statics. d. efficiency analysis. QUESTION 39 An activity that makes some people better off and nobody worse off is a a. voluntary exchange. b.government transfer program such as Social Security. c reduction in interest rates. d. price floor that increases income to suppliers. QUESTION 40 Assume that the marginal cost of producing steel does not include the cost of the damage to the environment as a result of pollution. By producing where P= MC, the firm will be producing a. the efficient amount of steel, b. less than the efficient amount of steel. ca zero quantity of steel. d. more than the efficient amount of steel.

Jun 10, 2022

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2 LAC,Ca. the price will decrease until P = LACOb. the price will stay the sameDc the price will increase until PLACQUESTION 38Examining the equilibrium conditions of individual markets and for...

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