Author Question: In long run equilibrium, a perfectly competitive firm: a. can earn positive economic profits. b. ... (Read 82 times)

stock

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In long run equilibrium, a perfectly competitive firm:
 a. can earn positive economic profits.
  b. earns zero economic profits.
 c. can earn negative economic profits.
  d. can do any of the above.

Question 2

A demand curve is said to be inelastic if:
 a. ED = 1
  b. ED = 0
  c. ED > 1
  d. ED < 1



scottmt

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Answer to Question 1

b

Answer to Question 2

D



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