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Author Question: The long-run equilibrium condition for perfect competition is: a. P = AVC = MR = MC. b. P = ATC = ... (Read 48 times)

Frost2351

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on: Jun 30, 2018
The long-run equilibrium condition for perfect competition is:
 a. P = AVC = MR = MC.
  b. P = ATC = MR = MC.
  c. Q = AVC = MR = MC.
  d. Q = ATC = MR = MC.
  e. TR = ATC = MR = MC.

Question 2

If the supply of a good is inelastic, a decrease in price must increase total revenue.
 a. True
  b. False
  Indicate whether the statement is true or false


macmac

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

b

Answer to Question 2

False


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