In the long-run equilibrium, perfectly competitive firms produce ...

[abarnes]

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

[tashiedavis420]

Answer to Question 1

D

Answer to Question 2

B

[abarnes]

Thank you

[tashiedavis420]

Happy to help you