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 98 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?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

Did you know?

Most childhood vaccines are 90–99% effective in preventing disease. Side effects are rarely serious.

Did you know?

There are 20 feet of blood vessels in each square inch of human skin.

Did you know?

There are more sensory neurons in the tongue than in any other part of the body.

Did you know?

The Centers for Disease Control and Prevention (CDC) was originally known as the Communicable Disease Center, which was formed to fight malaria. It was originally headquartered in Atlanta, Georgia, since the Southern states faced the worst threat from malaria.

true story true story
Sam Houston—and his horse—earned this heroic tribute. At the Battle of San Jacinto, a musket ball sh Sam Houston—and his horse—earned this heroic tribute. At the Battle of San Jacinto, a musket ball sh
economic economic
economic economic
economic question economic question
economic question (having trouble) economic question (having trouble)
Video: Major Elements in Biological Molecules: Lipids

For a complete list of videos, visit our video library