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Author Question: In long-run equilibrium, the perfectly competitive firm sets its price equal to which of the ... (Read 84 times)

123654777

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on: Jun 30, 2018
In long-run equilibrium, the perfectly competitive firm sets its price equal to which of the following?
 a. Short-run average total cost.
  b. Short-run marginal cost.
  c. Long-run average cost.
  d. All of these.

Question 2

Suppose an economist found that total revenues increase for the bus system when fares were raised, the conclusion is that the price elasticity demand for subway services over the range of fare increase is inelastic.
 a. True
  b. False
  Indicate whether the statement is true or false


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HandsomeMarc

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Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

True


123654777

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

tuate

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Reply 3 on: Yesterday
Excellent

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