Author Question: In long-run equilibrium under perfect competition a. price will equal minimum average fixed cost. ... (Read 54 times)

oliviahorn72 · **on:** Jun 30, 2018

In long-run equilibrium under perfect competition
a. price will equal minimum average fixed cost.
b. firms will earn economic profits due to the existence of barriers to entry.
c. the demand curve facing individual firms will fall to the level tangent to the minimum average total cost curve.
d. firms will produce at the level of output where marginal revenue exceeds marginal cost by the greatest dollar amount.

Question 2

The measures of absolute poverty:
a. are inversely related to the degree of income equality in a country.
b. are directly related to the degree of income equality in a country.
c. depend on the prosperity of the poorest 50 percent of population.
d. determine the degree of income inequality.
e. are completely independent of the degree of income inequality.