1) If a new entrant (or an established firm) wants to leave a constestable marke

Question

1) If a new entrant (or an established firm) wants to leave a constestable market A) it’s leaving will be contested by regulators in the market who seek to prevent exit B) another firm will always renter to take its place C) all, or nearly all of, the invested capital values can be recovered D) it must accept large losses in its capital investment, so it is unlikely exit
2) which of the following variables is left out of the simple economic model of the firm? A) consumer tastes and preferences B) the marginal cost of production C) the entrepreneurial decision-making process D) the fact the many firms actually earn profits
Some economist argue that competitive price-searcher markets are inffocient because A) firms do not product the output rate that would minimize their average total costs B) the firms marginal costs and marginal revenue are not always equal C) barriers to entry are high D) the firms earn economic profits in the long run 1) If a new entrant (or an established firm) wants to leave a constestable market A) it’s leaving will be contested by regulators in the market who seek to prevent exit B) another firm will always renter to take its place C) all, or nearly all of, the invested capital values can be recovered D) it must accept large losses in its capital investment, so it is unlikely exit
2) which of the following variables is left out of the simple economic model of the firm? A) consumer tastes and preferences B) the marginal cost of production C) the entrepreneurial decision-making process D) the fact the many firms actually earn profits
Some economist argue that competitive price-searcher markets are inffocient because A) firms do not product the output rate that would minimize their average total costs B) the firms marginal costs and marginal revenue are not always equal C) barriers to entry are high D) the firms earn economic profits in the long run A) it’s leaving will be contested by regulators in the market who seek to prevent exit B) another firm will always renter to take its place C) all, or nearly all of, the invested capital values can be recovered D) it must accept large losses in its capital investment, so it is unlikely exit
2) which of the following variables is left out of the simple economic model of the firm? A) consumer tastes and preferences B) the marginal cost of production C) the entrepreneurial decision-making process D) the fact the many firms actually earn profits
Some economist argue that competitive price-searcher markets are inffocient because A) firms do not product the output rate that would minimize their average total costs B) the firms marginal costs and marginal revenue are not always equal C) barriers to entry are high D) the firms earn economic profits in the long run

Explanation / Answer

1. C) All, or nearly all of, the invested capital values can be recovered

2. C) the entrepreneurial decision-making process

3. A) firms do not product the output rate that would minimize their average total costs

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