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Author Question: A perfectly competitive firm has a horizontal supply curve in the short run. a. True b. ... (Read 19 times)

jenna1

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on: Jun 30, 2018
A perfectly competitive firm has a horizontal supply curve in the short run.
 a. True
  b. False

Question 2

Which of the following is true in both perfect competition and monopoly?
 a. Firms produce a differentiated product.
  b. Firms cannot earn economic profit in the long run.
  c. Individual firms have no ability to control the price of their output but must accept the market price.
  d. Firms go out of business in the long run if total revenue cannot cover total cost.
  e. Firms can earn economic profit in the long run.


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chinwesucks

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

B

Answer to Question 2

D


jenna1

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

irishcancer18

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Reply 3 on: Yesterday
Excellent

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