In long-run equilibrium, the perfectly competitive firm produces: ...

[joe]

In long-run equilibrium, the perfectly competitive firm produces:
 a. where P = MC = AC.
 b. at the lowest point on its long-run average cost curve.
 c. where its long-run average cost curve is tangent to its horizontal demand curve.
  d. at a level of output such that all of the above are true.

Question 2

The official poverty-line income is adjusted annually for _____.
 a. income taxes
  b. unemployment compensation benefits
  c. house rents
  d. inflation
  e. increases in health-care costs

[reelove4eva]

Answer to Question 1

d

Answer to Question 2

d

[joe]

Thanks for the timely response, appreciate it

[mjenn52]

Excellent