« previous next »

Author Question: In long-run equilibrium, a competitive firm produces the level of output at which: a. marginal cost ... (Read 152 times)

Zulu123

  • Hero Member
  • *****
  • Posts: 525
on: Jun 30, 2018
In long-run equilibrium, a competitive firm produces the level of output at which:
 a. marginal cost is at a minimum.
  b. short-run average total cost and long-run average cost are at a minimum.
  c. total revenue is at a maximum.
  d. diseconomies of scale end.

Question 2

If a good has a price elasticity of demand coefficient greater than 1, total revenue can be increased by raising the price.
 a. True
  b. False
  Indicate whether the statement is true or false


briezy

  • Sr. Member
  • ****
  • Posts: 347
Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

False


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The term pharmacology is derived from the Greek words pharmakon("claim, medicine, poison, or remedy") and logos ("study").

Did you know?

The calories found in one piece of cherry cheesecake could light a 60-watt light bulb for 1.5 hours.

Did you know?

As many as 28% of hospitalized patients requiring mechanical ventilators to help them breathe (for more than 48 hours) will develop ventilator-associated pneumonia. Current therapy involves intravenous antibiotics, but new antibiotics that can be inhaled (and more directly treat the infection) are being developed.

Did you know?

It is believed that the Incas used anesthesia. Evidence supports the theory that shamans chewed cocoa leaves and drilled holes into the heads of patients (letting evil spirits escape), spitting into the wounds they made. The mixture of cocaine, saliva, and resin numbed the site enough to allow hours of drilling.

Did you know?

There used to be a metric calendar, as well as metric clocks. The metric calendar, or "French Republican Calendar" divided the year into 12 months, but each month was divided into three 10-day weeks. Each day had 10 decimal hours. Each hour had 100 decimal minutes. Due to lack of popularity, the metric clocks and calendars were ended in 1795, three years after they had been first marketed.

John Lewis Krimmel’s painting of the Fourth of July in Centre Square Philadelphia (1812) shows the d John Lewis Krimmel’s painting of the Fourth of July in Centre Square Philadelphia (1812) shows the d
(Left panel) The transition level (TL) for moving out of the parental home for 240 young men and ... (Left panel) The transition level (TL) for moving out of the parental home for 240 young men and ...
When the exhaust is lean, the output of a zirconia oxygen sensor is below 450 mV. When the exhaust is lean, the output of a zirconia oxygen sensor is below 450 mV.
An 82-kg painter stands on a long horizontal board 1.55 m from one end. This 27-kg board is ... An 82-kg painter stands on a long horizontal board 1.55 m from one end. This 27-kg board is ...
Long noncoding RNAs mediate transcriptional activation Long noncoding RNAs mediate transcriptional activation
Experiments showing that long- or short-day plants flower in response to night length. Each horizont Experiments showing that long- or short-day plants flower in response to night length. Each horizont
Video: Embryonic development - week 1 and 2

For a complete list of videos, visit our video library