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.
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