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Author Question: The point where the indifference curve is tangent to the budget line A) is the best affordable ... (Read 188 times)

Redwolflake15

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on: Jun 29, 2018
The point where the indifference curve is tangent to the budget line
 
  A) is the best affordable point.
  B) is where the marginal rate of substitution exceeds the relative price by as much as possible.
  C) is a point on consumer's demand curve.
  D) All of the above answers are correct.

Question 2

For a perfectly competitive firm, in the long-run equilibrium
 
  A) P = MC = ATC = MR.
  B) MR = MC = AFC.
  C) MR = P = ATC = AFC.
  D) P = MC > ATC.


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kardosa007

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

A

Answer to Question 2

A


Redwolflake15

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Reply 2 on: Jun 29, 2018
Wow, this really help

bdobbins

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Reply 3 on: Yesterday
Excellent

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