Author Question: In the long run, a monopolistic competitive firm will operate at a price which: a. is higher than ... (Read 56 times)

nmorano1

  • Hero Member
  • *****
  • Posts: 598
In the long run, a monopolistic competitive firm will operate at a price which:
 a. is higher than minimum long-run average cost.
  b. equals minimum long-run average cost.
  c. equals marginal cost.
  d. none of these.

Question 2

Consumer equilibrium occurs at:
 a. any point of intersection between the budget line and an indifference curve.
  b. a point of tangency between the budget line and an indifference curve.
  c. the point where the slope of the indifference curve equals the ratio of the quantities.
  d. a point where the budget line cuts the curve from below.



daiying98

  • Sr. Member
  • ****
  • Posts: 354
Answer to Question 1

a

Answer to Question 2

b



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

More than 34,000 trademarked medication names and more than 10,000 generic medication names are in use in the United States.

Did you know?

The training of an anesthesiologist typically requires four years of college, 4 years of medical school, 1 year of internship, and 3 years of residency.

Did you know?

The average person is easily confused by the terms pharmaceutics and pharmacology, thinking they are one and the same. Whereas pharmaceutics is the science of preparing and dispensing drugs (otherwise known as the science of pharmacy), pharmacology is the study of medications.

Did you know?

There are more sensory neurons in the tongue than in any other part of the body.

Did you know?

Autoimmune diseases occur when the immune system destroys its own healthy tissues. When this occurs, white blood cells cannot distinguish between pathogens and normal cells.

For a complete list of videos, visit our video library