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

Author Question: Which of the following is true of a perfectly competitive market? a. If economic profits are earned ... (Read 55 times)

bio_gurl

  • Hero Member
  • *****
  • Posts: 524
on: Jun 30, 2018
Which of the following is true of a perfectly competitive market?
 a. If economic profits are earned then the price will fall over time.
  b. In long-run equilibrium P = MR = SRMC = SRATC = LRAC.
  c. A constant-cost industry exists when the entry of new firms has no effect on their cost curves.
  d. All of these.

Question 2

Utility refers to the:
 a. relationship of demand to the supply of a product.
  b. satisfaction a consumer experiences after a good or service is purchased.
  c. satisfaction a consumer expects to receive from a good or service.
  d. ability of a good or a service to have value in the marketplace.
  e. usefulness of the product consumed.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

dreamfighter72

  • Sr. Member
  • ****
  • Posts: 355
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

c


bio_gurl

  • Hero Member
  • *****
  • Posts: 524
Reply #2 on: Jun 30, 2018
Correct answers!


dreamfighter72

  • Sr. Member
  • ****
  • Posts: 355
Reply #3 on: Jun 30, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

There are more bacteria in your mouth than there are people in the world.

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Did you know?

Your skin wrinkles if you stay in the bathtub a long time because the outermost layer of skin (which consists of dead keratin) swells when it absorbs water. It is tightly attached to the skin below it, so it compensates for the increased area by wrinkling. This happens to the hands and feet because they have the thickest layer of dead keratin cells.

Did you know?

Patients who have been on total parenteral nutrition for more than a few days may need to have foods gradually reintroduced to give the digestive tract time to start working again.

Did you know?

Earwax has antimicrobial properties that reduce the viability of bacteria and fungus in the human ear.

Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition
Anterosuperior view of true pelvis (blue) Anterosuperior view of true pelvis (blue)
economic question economic question
economic question economic question
economic question economic question
Economic practice question Economic practice question
Video: Introduction to Human Immunodeficiency Virus (HIV)

For a complete list of videos, visit our video library