« previous next »

Author Question: In the long-run equilibrium, perfectly competitive firms produce where A) marginal cost is ... (Read 106 times)

arivle123

  • Hero Member
  • *****
  • Posts: 569
on: Jun 29, 2018
In the long-run equilibrium, perfectly competitive firms produce where
 
  A) marginal cost is minimized.
  B) average total cost is minimized.
  C) average revenue is zero.
  D) All of the above are correct.

Question 2

If Taco Bell determines that the demand for its food is elastic, Taco Bell should raise its price to increase its total revenue.
 
  Indicate whether the statement is true or false


jomama

  • Sr. Member
  • ****
  • Posts: 346
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

FALSE


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

Pregnant women usually experience a heightened sense of smell beginning late in the first trimester. Some experts call this the body's way of protecting a pregnant woman from foods that are unsafe for the fetus.

Did you know?

Adolescents often feel clumsy during puberty because during this time of development, their hands and feet grow faster than their arms and legs do. The body is therefore out of proportion. One out of five adolescents actually experiences growing pains during this period.

Did you know?

About 100 new prescription or over-the-counter drugs come into the U.S. market every year.

Did you know?

After 5 years of being diagnosed with rheumatoid arthritis, one every three patients will no longer be able to work.

the comet Encke riding along its pebbly trail of debris (long diagonal line) between the orbits of M the comet Encke riding along its pebbly trail of debris (long diagonal line) between the orbits of M
Varieties of Long-Term Memory Varieties of Long-Term Memory
An engine in good mechanical condition should produce 17 to 21 inches Hg of vacuum at idle at sea ... An engine in good mechanical condition should produce 17 to 21 inches Hg of vacuum at idle at sea ...
Effects of competitive inhibition on enzyme kinetics Effects of competitive inhibition on enzyme kinetics
Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition
Video: EpiPen Animation (Part 2)

For a complete list of videos, visit our video library