Author Question: Which of the following statements is not characteristic of a perfectly competitive industry in ... (Read 9 times)

azncindy619 · **on:** Jun 30, 2018

Which of the following statements is not characteristic of a perfectly competitive industry in long-run equilibrium?Ceteris paribus, there is no tendency for firms to either enter or exit the industry.
a. A profit-maximizing firm may produce any output level at which P < LRATC.
b. Every firm produces at an output level at which MC = LRATC.
c. Ceteris paribus, there is no tendency for firms to either enter or exit the industry.
d. No firm earns an economic profit.

Question 2

Which of the following is an absolute measure of poverty?
a. Gini co-efficient
b. Per capita income
c. HiLo ratio
d. Hoover index
e. Theil index