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Author Question: Which of the following is true for a firm operating under perfect competition, monopolistic ... (Read 33 times)

fagboi

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on: Jun 30, 2018
Which of the following is true for a firm operating under perfect competition, monopolistic competition, and monopoly?
 a. Firms earn positive economic profits in the long run.
  b. Firms earn zero economic profits in the long run.
  c. Profits are maximized when marginal cost equals marginal revenue.
  d. Price equals marginal cost.

Question 2

Indifference curve analysis is based on numerical measurement of utility.
 a. True
  b. False
  Indicate whether the statement is true or false


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apple

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

c

Answer to Question 2

False


fagboi

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

daiying98

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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