Author Question: For a perfectly competitive firm, average revenue is: a. equal to marginal cost at all levels of ... (Read 90 times)

P68T · **on:** Jun 30, 2018

For a perfectly competitive firm, average revenue is:
a. equal to marginal cost at all levels of output.
b. equal to marginal revenue at all levels of output.
c. equal to price at all levels of output.
d. characterized by both (b) and (c).

Question 2

The horizontal and vertical axes of the Lorenz curve respectively measure:
a. total income and total expenditure as cumulative percentages.
b. total income and total population as cumulative percentages.
c. total population and total expenditure as cumulative percentages.
d. total expenditure and total income as cumulative percentages.
e. total population and total income as cumulative percentages.