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ECON-3030-A1/A2/B1/B2-Managerial Economics-Winter-2025
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A perfectly competitive firm is producing at the point at which marginal cost equals marginal revenue. If the firm increases production, total revenue ________ and economic profit ________.
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In the long-run equilibrium of a competitive market, the number of firms in the market adjusts so that all of the market demand is satisfied. At what price would this happen?
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Which of the following is NOT a characteristic of long-run equilibrium for a perfectly competitive firm?
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If a firm faces a perfectly elastic demand for its product, then
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When entry and exit behaviour of firms in an industry does not affect a firm’s cost structure, what is the shape of the long-run market supply curve?
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