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Author Question: Which of the following statements is not characteristic of a perfectly competitive industry in ... (Read 60 times)

azncindy619

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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


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leahm14

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

a

Answer to Question 2

b


azncindy619

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

yeungji

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Reply 3 on: Yesterday
Excellent

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