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Author Question: Which of the following statements about the short run and long run is true? A) The number of ... (Read 36 times)

futuristic

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on: Jun 29, 2018
Which of the following statements about the short run and long run is true?
 
  A) The number of firms in the industry is fixed in the short run, but in the long run the number can change.
  B) Free entry and exit of firms is possible in the short run, but entry and exit of firms is restricted in the long run.
  C) The short-run average cost curves lies below the long-run average cost curves.
  D) A firm can vary all of its factors of production in both the short run and the long run.

Question 2

Zero economic profits would most likely exist in which market environment?
 
  A) Pure monopoly
  B) Oligopoly
  C) Perfect competition
  D) Any market structure riddled with uncertainty
  E) None of the above.


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akemokai

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

A

Answer to Question 2

C


futuristic

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

amandalm

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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