Wages paid to employees are examples of implict costs. A. False b. True 6. The z

Question

Wages paid to employees are examples of implict costs. A. False b. True 6. The zero-profit point will always occur where: A. MC=P B. MC=MR C. ATC+P D> AVC+P 7. Which of the following is not a characteristic of a competitive market? A. Buyers and sellers are price takers. B. Each firm sells a virtually identical product. C. Free entry is limited. D. Each firm chooses an output level that maximizes profits. 8. At the efficient level of long run output, long run average total cotts will experience A. Constant returns to scale B. Economies of scale C. Diseconomies of scale D. Excess economies of scale

Explanation / Answer

5. FALSE

6. ATC = P

7.FREE ENTRY IS LIMITED

8.ECONOMIES OF SCALE

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