Author Question: In long-run equilibrium, a perfectly competitive firm's short-run marginal cost curve crosses the ... (Read 78 times)

natalie2426 · **on:** Jun 30, 2018

In long-run equilibrium, a perfectly competitive firm's short-run marginal cost curve crosses the long-run average cost curve at the lowest point on the long-run average cost curve.
a. True
b. False
Indicate whether the statement is true or false

Question 2

Tina's marginal utility of her first piece of cake is 15, while Jerry's marginal utility of his first piece of cake is 24 . An economist would conclude that:
a. Tina likes cake more than Jerry likes cake.
b. Jerry likes cake more than Tina likes cake.
c. Tina likes cake less than Jerry likes cake.
d. Jerry likes cake less than Tina likes cake.
e. we can't make a comparison to see who values cake more.