Author Question: In a perfectly competitive market, the price in the long run: A) will always be more than the ... (Read 51 times)

Yi-Chen · **on:** Jun 29, 2018

In a perfectly competitive market, the price in the long run:

A) will always be more than the minimum average total cost of the industry.
B) will always be less than the minimum average total cost of the industry.
C) will always equal the minimum average total cost of the industry.
D) will always equal the average fixed cost of the industry.

Question 2

Suppose that for a curve, as the variable measured on the x-axis increases, the variable measured on the y-axis decreases. The curve has a ________ slope.

A) tangent
B) positive
C) negative
D) hypothetical