Author Question: In long-run equilibrium for a perfectly competitive firm, price equals which of the following? a. ... (Read 101 times)

nummyann · **on:** Jun 30, 2018

In long-run equilibrium for a perfectly competitive firm, price equals which of the following?
a. Economies of real cost.
b. Maximum total revenue.
c. Diseconomies of scale cost.
d. Minimum point on the long-run average cost curve.

Question 2

If the income elasticity of demand for a good is positive, the good is a normal good.
a. True
b. False
Indicate whether the statement is true or false