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

Author Question: Which of the following is a key characteristic of the long-run competitive equilibrium that ... (Read 62 times)

Mr3Hunna

  • Hero Member
  • *****
  • Posts: 536
on: Jun 30, 2018
Which of the following is a key characteristic of the long-run competitive equilibrium that distinguishes it from the short-run competitive equilibrium?
 a. Free entry to reduce short-run profits, or free exit to reduce short-run losses.
  b. Economic profits are positive, but cannot be negative.
  c. Marginal revenue is greater than marginal cost.
  d. Average revenue is less than average cost.

Question 2

If a 10 percent price increase causes the quantity demanded for a good to decrease by 20 percent, demand is elastic.
 a. True
  b. False
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

wshriver

  • Sr. Member
  • ****
  • Posts: 318
Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

True


Mr3Hunna

  • Member
  • Posts: 536
Reply 2 on: Jun 30, 2018
Gracias!

kalskdjl1212

  • Member
  • Posts: 353
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Pregnant women usually experience a heightened sense of smell beginning late in the first trimester. Some experts call this the body's way of protecting a pregnant woman from foods that are unsafe for the fetus.

Did you know?

Congestive heart failure is a serious disorder that carries a reduced life expectancy. Heart failure is usually a chronic illness, and it may worsen with infection or other physical stressors.

Did you know?

Many people have small pouches in their colons that bulge outward through weak spots. Each pouch is called a diverticulum. About 10% of Americans older than age 40 years have diverticulosis, which, when the pouches become infected or inflamed, is called diverticulitis. The main cause of diverticular disease is a low-fiber diet.

Did you know?

Despite claims by manufacturers, the supplement known as Ginkgo biloba was shown in a study of more than 3,000 participants to be ineffective in reducing development of dementia and Alzheimer’s disease in older people.

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).

fMRI Machine It is not until after toddlerhood that most children can lie still long enough to have fMRI Machine It is not until after toddlerhood that most children can lie still long enough to have
Hormones acting through the brain help regulate metabolism and short- and long-term appetite. Hormones acting through the brain help regulate metabolism and short- and long-term appetite.
Long-term Potentiation in the granule cell layer of the rat hippocampal dentate gyrus. (Traces ... Long-term Potentiation in the granule cell layer of the rat hippocampal dentate gyrus. (Traces ...
Long stroke used in lymphatic facilitation. Long stroke used in lymphatic facilitation.
Long division for polynomials Long division for polynomials
Perform the indicated division (long division polynomials) Perform the indicated division (long division polynomials)
Video: Alternative Energy Sources

For a complete list of videos, visit our video library