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Author Question: If a firm in a competitive industry is making zero economic profit but still producing, it must be ... (Read 152 times)

karateprodigy

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on: Jun 30, 2018
If a firm in a competitive industry is making zero economic profit but still producing, it must be the case that:
 a. MC = MR > ATC.
  b. MC = MR < ATC.
  c. MC = ATC > MR.
  d. MC = MR = ATC.
  e. this situation is not possible.

Question 2

If the quantity of rental units increases by 10 percent when the monthly rental price doubles, the supply of rental units, other factors held constant, is:
 a. elastic.
  b. inelastic.
  c. perfectly elastic.
  d. perfectly inelastic.


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mcarey591

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

d

Answer to Question 2

b


karateprodigy

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

connor417

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Reply 3 on: Yesterday
Wow, this really help

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