ECON 1002 – MGMT 3503

Suppose the market price of lobster suddenly increases substantially. We can expect that most lobstermen will: 2. All of the following are characteristics of perfectly competitive markets except: 3. In a firm's production planning horizon, the "long-run" refers to 4. 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 statements is true? 5. Suppose a barber shop that has fixed cost equal to $9...