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Author Question: In the long-run equilibrium, perfectly competitive firms produce the level of output such that A) ... (Read 120 times)

abarnes

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on: Jun 29, 2018
In the long-run equilibrium, perfectly competitive firms produce the level of output such that
 
  A) marginal cost is minimized.
  B) average total cost is minimized.
  C) marginal cost equals the price.
  D) Both answers B and C are correct.

Question 2

For each short-run average total cost curve, the ________ the plant, the ________ is the output at which average total cost is at a ________.
 
  A) larger; greater; maximum
  B) larger; greater; minimum
  C) larger; smaller; minimum
  D) smaller; smaller; minimum


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tashiedavis420

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

D

Answer to Question 2

B


abarnes

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Reply #2 on: Jun 29, 2018
Thank you :)


tashiedavis420

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Reply #3 on: Jun 29, 2018
Happy to help you


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