This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following is true of a perfectly competitive market? a. If economic profits are earned ... (Read 113 times)

bio_gurl

  • Hero Member
  • *****
  • Posts: 524
on: Jun 30, 2018
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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

dreamfighter72

  • Sr. Member
  • ****
  • Posts: 355
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

c


bio_gurl

  • Hero Member
  • *****
  • Posts: 524
Reply #2 on: Jun 30, 2018
Correct answers!


dreamfighter72

  • Sr. Member
  • ****
  • Posts: 355
Reply #3 on: Jun 30, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

Dogs have been used in studies to detect various cancers in human subjects. They have been trained to sniff breath samples from humans that were collected by having them breathe into special tubes. These people included 55 lung cancer patients, 31 breast cancer patients, and 83 cancer-free patients. The dogs detected 54 of the 55 lung cancer patients as having cancer, detected 28 of the 31 breast cancer patients, and gave only three false-positive results (detecting cancer in people who didn't have it).

Did you know?

Cyanide works by making the human body unable to use oxygen.

Did you know?

Excessive alcohol use costs the country approximately $235 billion every year.

Did you know?

Blood in the urine can be a sign of a kidney stone, glomerulonephritis, or other kidney problems.

Did you know?

Fatal fungal infections may be able to resist newer antifungal drugs. Globally, fungal infections are often fatal due to the lack of access to multiple antifungals, which may be required to be utilized in combination. Single antifungals may not be enough to stop a fungal infection from causing the death of a patient.

True Friendship True Friendship
All of the homes in this new neighborhood of Brentwood, California, are for sale, evidence of the co All of the homes in this new neighborhood of Brentwood, California, are for sale, evidence of the co
Economic and Social Development Economic and Social Development
economic question economic question
economic question economic question
economic question economic question
Video: Flexor reflex & Crossed extensor reflex

For a complete list of videos, visit our video library