In long-run equilibrium for a perfectly competitive firm, price ...

[nummyann]

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

[johnpizzaz]

Answer to Question 1

d

Answer to Question 2

True

[nummyann]

Thanks for the timely response, appreciate it

[Sarahjh]

Great answer, keep it coming