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Author Question: Productive efficiency occurs in perfect competition because the firm produces at the minimum of the: ... (Read 51 times)

rachel9

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on: Jun 30, 2018
Productive efficiency occurs in perfect competition because the firm produces at the minimum of the:
 a. average fixed cost curve.
 b. average variable cost curve
  c. average total cost curve
 d. marginal revenue curve.

Question 2

What is the difference between the cross-elasticity of demand for two goods which are substitutes and two goods which are complements?


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mammy1697

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Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

If the goods are substitutes, the cross-elasticity of demand is positive, and if they are complements the cross elasticity of demand is negative.


rachel9

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

Missbam101

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Reply 3 on: Yesterday
Wow, this really help

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