Which of the following is not a condition of long-run equilibrium for perfectly competitive firms?
a. price is equal to marginal cost
b. price is equal to minimum short-run average total cost
c. price is equal to minimum long-run average cost
d. price is equal to marginal revenue
e. economic profit is positive
Question 2
The U.S. Postal Service has found its monopoly eroded over time because
a. the demand for mail delivery has become more inelastic
b. Congress has taken away their monopoly over first-class mail
c. the U.S. Postal Service cannot handle the volume of transactions
d. the price of stamps has increased relative to other substitutes, such as the telephone, email, and online transactions
e. of the decline in the use of fax machines
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