This topic contains a solution. Click here to go to the answer

Author Question: When a perfectly competitive firm is in long-run equilibrium, what is the relationship between the ... (Read 66 times)

rlane42

  • Hero Member
  • *****
  • Posts: 594
When a perfectly competitive firm is in long-run equilibrium, what is the relationship between the firm's marginal cost, average total cost, marginal revenue, and price?
 
  What will be an ideal response?

Question 2

When a firm is experiencing diseconomies of scale
 
  A) the MP curve has a negative slope.
  B) the LRAC curve has a positive slope.
  C) it must also experience diminishing returns to labor.
  D) the MC curve has a negative slope.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

anoriega3

  • Sr. Member
  • ****
  • Posts: 323
Answer to Question 1

Marginal cost and average total cost equal the market price, which is also the marginal revenue.

Answer to Question 2

B




rlane42

  • Member
  • Posts: 594
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)


ashely1112

  • Member
  • Posts: 347
Reply 3 on: Yesterday
Gracias!

 

Did you know?

The first successful kidney transplant was performed in 1954 and occurred in Boston. A kidney from an identical twin was transplanted into his dying brother's body and was not rejected because it did not appear foreign to his body.

Did you know?

The National Institutes of Health have supported research into acupuncture. This has shown that acupuncture significantly reduced pain associated with osteoarthritis of the knee, when used as a complement to conventional therapies.

Did you know?

The horizontal fraction bar was introduced by the Arabs.

Did you know?

Asthma is the most common chronic childhood disease in the world. Most children who develop asthma have symptoms before they are 5 years old.

Did you know?

Liver spots have nothing whatsoever to do with the liver. They are a type of freckles commonly seen in older adults who have been out in the sun without sufficient sunscreen.

For a complete list of videos, visit our video library