In the long-run equilibrium, perfectly competitive firms produce ...

[arivle123]

In the long-run equilibrium, perfectly competitive firms produce where
 
  A) marginal cost is minimized.
  B) average total cost is minimized.
  C) average revenue is zero.
  D) All of the above are correct.

Question 2

If Taco Bell determines that the demand for its food is elastic, Taco Bell should raise its price to increase its total revenue.
 
  Indicate whether the statement is true or false

[jomama]

Answer to Question 1

B

Answer to Question 2

FALSE