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Author Question: When a perfectly competitive firm is in long-run equilibrium, what is the relationship between the ... (Read 78 times)

rlane42

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on: Jun 29, 2018
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.


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anoriega3

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Reply #1 on: Jun 29, 2018
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

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

milbourne11

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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