In the long-run equilibrium for a perfectly competitive firm, ...

[mynx]

In the long-run equilibrium for a perfectly competitive firm, price equals which of the following?
 a. price.
  b. minimum short-run average total cost.
  c. short-run marginal cost.
  d. All of these.

Question 2

Goods with few available substitutes tend to have inelastic demand curves.
 a. True
  b. False
  Indicate whether the statement is true or false

[k2629]

Answer to Question 1

d

Answer to Question 2

True

[mynx]

YES! Correct, THANKS for helping me on my review

[ghepp]

Thanks for the timely response, appreciate it