The price of a firm is equal to its marginal cost in both the short and long run. In both the short and long run, price equals marginal revenue. Firms should increase output as long as marginal revenue exceeds marginal cost, and reduce output if marginal revenue is less than marginal cost.
Note that when we are in long-term equilibrium, we are also in short-term equilibrium. In the long run, P = min(ATC), and the entering firm chooses the set with the lowest ATC. The MC curve intersects ATC at min(ATC), so the same quantity has a price equal to MC.
For a perfect competitor, marginal return equals price and average return. This means that the firm's marginal cost curve is a continuous supply curve with values greater than the average variable cost. If the price falls below the average variable cost, the company will be closed.
In a perfectly competitive market, price equals marginal cost in both the short and long run.
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Answer:
I think its #1 bro i don't know
ANSWER: Indirect and Regressive
EXPLANATION: The Sales Tax is a tax which is imposed by the government on the sale of products and services. This tax is both Indirect and Regressive in nature.
Sales Tax is indirect because it is imposed by the government but are collected by the seller or the manufacturers (also known as Intermediary) on behalf of the government from the consumers. The intermediary then passes on the tax to the government.
Sales Tax is also regressive in nature as it imposed uniformly on the consumers regardless of the economic condition of the buyer. The term 'Regressive' means that the tax distribution pressure decreases as the buyer's income goes higher. The tax burden will be higher for low income group people and will be lower for high income group people.
Answer:
a. True
Explanation:
The above is true because culture constitute a way of life of people who share common value. Culture refers to the beliefs, values and norms among group of people. For instance, in some culture, the male when greeting lay flat on the ground, while the female knee; these actions symbolizes respect for the people whom they are greeting.
Examples of cultural beliefs includes but not limited to tradition beliefs, religion beliefs, social standards etc.
