In long-run equilibrium, output is expanded to the minimum long-run average total cost by:
a. perfectly competitive firms but not by monopolistically competitive firms.
b. monopolistically competitive firms but not by perfectly competitive firms.
c. both monopolistically competitive firms and perfectly competitive firms.
d. neither perfectly competitive firms nor monopolistically competitive firms.
Question 2
Barbara owns a small shop where dresses are made. At the end of a given month, she has 250 dresses. Her expenses for the month are 1,000 for rent, 6,000 for wages, 1,500 for fabric and thread, and 500 for electricity. Her total variable costs for the month are:
a. c and e.
b. 4,000.
c. 32 per dress.
d. 7,500.
e. 8,000.
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