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

[mpobi80]

In long-run equilibrium, a perfectly competitive firm will produce an output level at which its long-run average cost curve is upward sloping.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

Utility theory assumes that marginal utility:
 a. increases as an individual consumes more of a product.
  b. decreases as an individual consumes more of a product.
  c. is zero as long as the individual derives utility from the product.
  d. is constant as long as the individual derives utility from the product.
  e. is constant as long as the individual derives satisfaction from the product.

[kardosa007]

Answer to Question 1

False

Answer to Question 2

b

[mpobi80]

Excellent

TYSM