This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Productive efficiency occurs in perfect competition because the firm produces at the minimum of the: ... (Read 67 times)

rachel9

  • Sr. Member
  • ****
  • Posts: 495
on: Jun 30, 2018
Productive efficiency occurs in perfect competition because the firm produces at the minimum of the:
 a. average fixed cost curve.
 b. average variable cost curve
  c. average total cost curve
 d. marginal revenue curve.

Question 2

What is the difference between the cross-elasticity of demand for two goods which are substitutes and two goods which are complements?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

mammy1697

  • Sr. Member
  • ****
  • Posts: 341
Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

If the goods are substitutes, the cross-elasticity of demand is positive, and if they are complements the cross elasticity of demand is negative.


rachel9

  • Member
  • Posts: 495
Reply 2 on: Jun 30, 2018
Excellent

blakcmamba

  • Member
  • Posts: 335
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

When blood is exposed to air, it clots. Heparin allows the blood to come in direct contact with air without clotting.

Did you know?

Always store hazardous household chemicals in their original containers out of reach of children. These include bleach, paint, strippers and products containing turpentine, garden chemicals, oven cleaners, fondue fuels, nail polish, and nail polish remover.

Did you know?

Thyroid conditions cause a higher risk of fibromyalgia and chronic fatigue syndrome.

Did you know?

Coca-Cola originally used coca leaves and caffeine from the African kola nut. It was advertised as a therapeutic agent and "pickerupper." Eventually, its formulation was changed, and the coca leaves were removed because of the effects of regulation on cocaine-related products.

Did you know?

A recent study has found that following a diet rich in berries may slow down the aging process of the brain. This diet apparently helps to keep dopamine levels much higher than are seen in normal individuals who do not eat berries as a regular part of their diet as they enter their later years.

A stallion with a proven competition record is one criterion for being a suitable sire. A stallion with a proven competition record is one criterion for being a suitable sire.
Splash blending occurs when the ethanol is added to a tanker with gasoline and is mixed as the ... Splash blending occurs when the ethanol is added to a tanker with gasoline and is mixed as the ...
Technical service bulletins (TSBs) are issued by vehicle manufacturers when a fault occurs that ... Technical service bulletins (TSBs) are issued by vehicle manufacturers when a fault occurs that ...
Perfect logistic curves Perfect logistic curves
Production efficiency vs. trophic efficiency Production efficiency vs. trophic efficiency
What is the minimum uncertainty in its position? What is the minimum uncertainty in its position?
Video: Cardiac Cycle (Part 3 of 4)

For a complete list of videos, visit our video library