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Author Question: Does a competitive long-run equilibrium require cost-minimization? A) Yes, if firms fail to be as ... (Read 31 times)

Brittanyd9008

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on: Jul 1, 2018
Does a competitive long-run equilibrium require cost-minimization?
 
  A) Yes, if firms fail to be as efficient as their competitors, they are driven out of the market.
  B) No, in the long run, firms make zero profits.
  C) Yes, if they didn't, even less efficient firms would enter the industry.
  D) No, because competition ensures their survival.

Question 2

Suppose a farmer in a perfectly competitive agricultural industry rents land that is uniquely productive in the production of a certain crop. In the long run,
 
  A) the owner of the land receives economic rent while the farmer earns zero economic profit.
  B) the owner of the land earns zero economic profit while the farmer receives economic rent.
  C) both the farmer and the owner of the land receive economic rent.
  D) neither the farmer nor the owner of the land receive economic rent.
Microeconomics ¦ Perloff ¦ 8th Edition
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vkodali

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Reply #1 on: Jul 1, 2018
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Brittanyd9008

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Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

Bigfoot1984

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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