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Author Question: The point where the indifference curve is tangent to the budget line A) is the best affordable ... (Read 189 times)

Redwolflake15

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on: Jun 29, 2018
The point where the indifference curve is tangent to the budget line
 
  A) is the best affordable point.
  B) is where the marginal rate of substitution exceeds the relative price by as much as possible.
  C) is a point on consumer's demand curve.
  D) All of the above answers are correct.

Question 2

For a perfectly competitive firm, in the long-run equilibrium
 
  A) P = MC = ATC = MR.
  B) MR = MC = AFC.
  C) MR = P = ATC = AFC.
  D) P = MC > ATC.


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kardosa007

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

A


Redwolflake15

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Reply 2 on: Jun 29, 2018
:D TYSM

zacnyjessica

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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