« previous next »

Author Question: The figure above shows the marginal revenue and long-run cost curves for a perfectly competitive ... (Read 83 times)

maychende

  • Hero Member
  • *****
  • Posts: 556
on: Jun 29, 2018
The figure above shows the marginal revenue and long-run cost curves for a perfectly competitive firm. All other firms in the industry have identical curves. Which of the following statements is TRUE?
 
  A) The firm's average cost exceeds the price.
  B) Over time, firms will enter this industry.
  C) The firm is earning economic profit.
  D) None of the above is true.

Question 2

Lee, J Brand, Joe's Jeans, Paper Denim & Cloth, Levi's, Wrangler, and many others are all producers of jeans. In what type of market does Lee operate?
 
  A) monopolistic competition
  B) monopoly
  C) oligopoly
  D) perfect competition


scikid

  • Sr. Member
  • ****
  • Posts: 300
Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

A


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The tallest man ever known was Robert Wadlow, an American, who reached the height of 8 feet 11 inches. He died at age 26 years from an infection caused by the immense weight of his body (491 pounds) and the stress on his leg bones and muscles.

Did you know?

About 80% of major fungal systemic infections are due to Candida albicans. Another form, Candida peritonitis, occurs most often in postoperative patients. A rare disease, Candida meningitis, may follow leukemia, kidney transplant, other immunosuppressed factors, or when suffering from Candida septicemia.

Did you know?

More than 4.4billion prescriptions were dispensed within the United States in 2016.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

The horizontal fraction bar was introduced by the Arabs.

Features found in a long bone. Features found in a long bone.
Cooperative vs. noncooperative O2-binding curves Cooperative vs. noncooperative O2-binding curves
Species-area curves Species-area curves
A pipe that is 0.46 m long and open at both ends vibrates in the second overtone with a ... A pipe that is 0.46 m long and open at both ends vibrates in the second overtone with a ...
Competitive firms and maximization Competitive firms and maximization
Long division of polynomials Long division of polynomials
Video: The Nerve Impulse

For a complete list of videos, visit our video library