Which of the following is true of a perfectly competitive market? ...

[bio_gurl]

Which of the following is true of a perfectly competitive market?
 a. If economic profits are earned then the price will fall over time.
  b. In long-run equilibrium P = MR = SRMC = SRATC = LRAC.
  c. A constant-cost industry exists when the entry of new firms has no effect on their cost curves.
  d. All of these.

Question 2

Utility refers to the:
 a. relationship of demand to the supply of a product.
  b. satisfaction a consumer experiences after a good or service is purchased.
  c. satisfaction a consumer expects to receive from a good or service.
  d. ability of a good or a service to have value in the marketplace.
  e. usefulness of the product consumed.

[dreamfighter72]

Answer to Question 1

d

Answer to Question 2

c

[bio_gurl]

Correct answers!

[dreamfighter72]

Great! Please up vote