ECON 1002 – MGMT 3503 Week 4 Quiz – Microeconomics

ECON 1002 – MGMT 3503 Week 4 Quiz – Microeconomics (30 out of 30 points) Suppose the market price of lobster suddenly increases substantially. We can expect that most lobstermen will: All of the following are characteristics of perfectly competitive markets except: In a firm’s production planning horizon, the “long-run” refers to Assume Firm A has half the fixed costs of Firm B, but they have the same variable costs and total revenue for all quantities. Which of the following sta...