If a perfectly competitive firm is operating in long-run equilibrium and market demand suddenly falls, the short-run result will be
a. greater economic profit
b. a normal profit
c. lower average total cost
d. lower average variable cost
e. an economic loss
Question 2
A monopolist price discriminates by
a. charging different buyers different prices for different products
b. charging different buyers different prices for the same product
c. selling at a price below average total cost
d. selling at a price below marginal cost
e. selling at a price above marginal revenue
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