Author Question: In long-run equilibrium, the typical perfectly competitive firm has no incentive to: a. change ... (Read 36 times)

Yolanda · **on:** Jun 30, 2018

In long-run equilibrium, the typical perfectly competitive firm has no incentive to:
a. change output.
b. change plant size.
c. enter or leave the industry.
d. do any of these.

Question 2

If a 10 percent price increase causes the quantity demanded for a good to decrease by 5 percent, demand is elastic.
a. True
b. False
Indicate whether the statement is true or false