In long-run equilibrium, a perfectly competitive firm produces ...

[pepyto]

In long-run equilibrium, a perfectly competitive firm produces the output level that minimizes average total cost.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

The market's role is to ensure that nonrenewable resources are allocated across time to where they are most highly valued. This implies, if more is used today then:
 a. the future supply curve shifts downward.
  b. financial investments offer a lower rate of return.
  c. the return on saving the resource for future use rises.
  d. the expected demand for the resource in the future is low.
  e. technological advancement will guarantee a steady future supply.

[olivia_paige29]

Answer to Question 1

True

Answer to Question 2

c