« previous next »

Author Question: In long-run equilibrium, a competitive firm produces the level of output at which: a. marginal cost ... (Read 138 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?

Never take aspirin without food because it is likely to irritate your stomach. Never give aspirin to children under age 12. Overdoses of aspirin have the potential to cause deafness.

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

Did you know?

The first war in which wide-scale use of anesthetics occurred was the Civil War, and 80% of all wounds were in the extremities.

Did you know?

Prostaglandins were first isolated from human semen in Sweden in the 1930s. They were so named because the researcher thought that they came from the prostate gland. In fact, prostaglandins exist and are synthesized in almost every cell of the body.

Did you know?

Oliver Wendell Holmes is credited with introducing the words "anesthesia" and "anesthetic" into the English language in 1846.

To maintain balance the bipedal pelvis has a foreshortened ilium and is broader and bowl-shaped. The To maintain balance the bipedal pelvis has a foreshortened ilium and is broader and bowl-shaped. The
Long-Term Potentiation and Long-Term Depression Long-Term Potentiation and Long-Term Depression
When the exhaust is rich, the output of a zirconia oxygen sensor is above 450 mV. When the exhaust is rich, the output of a zirconia oxygen sensor is above 450 mV.
Gently squeeze/milk the arm with twisting motion. With oil or lotion on hands, use gentle but firm ... Gently squeeze/milk the arm with twisting motion. With oil or lotion on hands, use gentle but firm ...
Marginal Products of Physical and Human Capital Marginal Products of Physical and Human Capital
Video: Bond types - Atomic structure and basis of bonds

For a complete list of videos, visit our video library