Author Question: Which of the following is true in long-run equilibrium for both perfect competition and monopolistic ... (Read 60 times)

storky111 · **on:** Jun 30, 2018

Which of the following is true in long-run equilibrium for both perfect competition and monopolistic competition?
a. Accounting profit is zero.
b. Marginal cost equals price.
c. Long-run average cost is at a minimum.
d. Economic profit is zero.

Question 2

Indifference curve analysis is based on a mythical unit called a util.
a. True
b. False
Indicate whether the statement is true or false