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ECON-1010-A-Introduction to Microeconomics
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Suppose a perfectly competitive firm is trying to decide whether to temporarily shut down to minimize total loss. If price equals average variable cost and the firm continues to produce, which of the following situations will arise?
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In a perfectly competitive market, which of the following events will increase the price that the firms charge in the short run?
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In which of the following situations will perfectly competitive firms stop exiting the market?
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When a perfectly competitive firm maximizes profit, what determines the output it produces?The firm produces the output at which marginal cost equals
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When a technological advance occurs in a perfectly competitive market, which of the following statements is incorrect?
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Which one of the following items is included in the firm's implicit rental rate of capital?
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What is the law of diminishing marginal returns?The law of diminishing marginal returns refers to the tendency for the firm's ________ to eventually decrease as more labour is employed, everything else remaining the same.
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Flora's Flowers bought a new van last year for $10,000 and it can now sell the van for $8,500. But to buy this year's model of the same van it would have to pay $11,000. What is the one-year amount of economic depreciation?
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