Question
1.For a perfectly competitive firm in the long run, price is a.Equal to minimum long-run average total cost b.Greater than long-run marginal revenue c.Equal to
1.For a perfectly competitive firm in the long run, price is
a.Equal to minimum long-run average total cost
b.Greater than long-run marginal revenue
c.Equal to minimum long-run average variable cost
d.Greater than long-run marginal cost
2.What is the short-run Shutdown condition for a perfectly competitive firm?
a.P>ATCminimum
b.P>AVCminimum
c.P d.P
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Essentials of Economics
Authors: N. Gregory Mankiw
8th edition
1337091995, 978-1337515351, 1337515353, 978-1337091992
