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Author Question: In the short run, if a perfectly competitive firm is producing at a price above average total cost, ... (Read 50 times)

Tirant22

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on: Jun 30, 2018
In the short run, if a perfectly competitive firm is producing at a price above average total cost, its economic profit must be:
 a. positive.
  b. zero.
  c. negative.
  d. normal.

Question 2

If the income elasticity of demand for a good is .59, then it is what type of good?
 a. Price elastic.
  b. Price inelastic.
  c. Income inelastic.
  d. Income elastic.
  e. Inferior.


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fauacakatahaias

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

a

Answer to Question 2

c


Tirant22

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

gcook

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Reply 3 on: Yesterday
Wow, this really help

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