In long-run equilibrium, the typical perfectly competitive firm ...

[Yolanda]

In long-run equilibrium, the typical perfectly competitive firm has no incentive to:
 a. change output.
  b. change plant size.
  c. enter or leave the industry.
  d. do any of these.

Question 2

If a 10 percent price increase causes the quantity demanded for a good to decrease by 5 percent, demand is elastic.
 a. True
  b. False
  Indicate whether the statement is true or false

[olivia_paige29]

Answer to Question 1

d

Answer to Question 2

False

[Yolanda]

YES! Correct, THANKS for helping me on my review

[anyusername12131]

Thanks for the timely response, appreciate it