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Author Question: Which of the following is a key characteristic of the long-run competitive equilibrium that ... (Read 14 times)

Mr3Hunna

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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


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wshriver

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Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

True


Mr3Hunna

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

scikid

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Reply 3 on: Yesterday
Excellent

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