Author Question: In long-run equilibrium, a perfectly competitive firm will produce an output level at which its ... (Read 98 times)

mpobi80 · **on:** Jun 30, 2018

In long-run equilibrium, a perfectly competitive firm will produce an output level at which its long-run average cost curve is upward sloping.
a. True
b. False
Indicate whether the statement is true or false

Question 2

Utility theory assumes that marginal utility:
a. increases as an individual consumes more of a product.
b. decreases as an individual consumes more of a product.
c. is zero as long as the individual derives utility from the product.
d. is constant as long as the individual derives utility from the product.
e. is constant as long as the individual derives satisfaction from the product.