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Author Question: Each point on the production possibilities frontier achieves allocative efficiency. Indicate ... (Read 43 times)

james0929

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on: Jun 29, 2018
Each point on the production possibilities frontier achieves allocative efficiency.
 
  Indicate whether the statement is true or false

Question 2

In the long run, perfectly competitive firms make zero economic profit. This result is due mainly to the point that a perfectly competitive market has
 
  A) few buyers and sellers.
  B) no barriers to entry and exit.
  C) price taking by the firms.
  D) firms with perfectly elastic market demand.


kjohnson

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Reply #1 on: Jun 29, 2018
Answer to Question 1

FALSE

Answer to Question 2

B


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