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Author Question: Long-run equilibrium in a perfectly competitive industry is characterized by (Read 117 times)

BSITTON

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on: Oct 12, 2022

Question 1

The price elasticity of demand faced by an individual wheat farmer would come closest to which following value?
◦ 71 000
◦ 71.0
◦ 1.0
◦ 0.00007
◦ 0.7

Question 2

Long-run equilibrium in a perfectly competitive industry is characterized by
◦ falling costs.
◦ each firm producing at the minimum point on its LRAC curve.
◦ rising costs.
◦ internal economies of scale.
◦ an output level at which firms' SRATC curves are tangent to the downward sloping portion of their LRAC curves.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by BSITTON on Oct 12, 2022

viper01

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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BSITTON

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Reply 2 on: Oct 12, 2022
Great answer, keep it coming :)

sarah_brady415

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Reply 3 on: Yesterday
Excellent

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