Author Question: Which of the following characterizes long-run equilibrium in perfect competition? A) P = MC = ATC ... (Read 104 times)

michelleunicorn

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Which of the following characterizes long-run equilibrium in perfect competition?
 
  A) P = MC = ATC
  B) P = MC < ATC
  C) P > MC = ATC
  D) P = MC > ATC

Question 2

Firms are ________ with an economic profit of zero, they will ________ in the industry since they ________ be better off in another industry.
 
  A) satisfied; stay; won't
  B) unsatisfied; leave; will
  C) satisfied; leave; will
  D) unsatisfied; stay; won't


triiciiaa

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Answer to Question 1

A

Answer to Question 2

A



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