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Author Question: In the long-run equilibrium, perfectly competitive firms produce where A) marginal cost is ... (Read 101 times)

arivle123

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  • 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
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  • Posts: 346
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

FALSE


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