Author Question: In long-run equilibrium, the perfectly competitive firm produces: a. where P = MC = AC. b. at the ... (Read 80 times)

joe · **on:** Jun 30, 2018

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