Author Question: Which statement below is true for a price taker in the long run? A) Net revenue can only be ... (Read 64 times)

s.tung · **on:** Jun 29, 2018

Which statement below is true for a price taker in the long run?

A) Net revenue can only be positive.
B) Net revenue can only be negative.
C) Net revenue can only be zero.
D) Net revenue can be positive, negative, or zero.

Question 2

When two firms in a perfectly competitive market seek to maximize profit in the long run, they eventually end up:

A) producing at a suboptimal level.
B) minimizing total cost of production.
C) earning the same level of profits.
D) producing the same level of output.