Multiple Choice
When the perfectly competitive firm and industry are both in long run equilibrium
A) P = MR = SMC = LMC
B) P = MR = SAC = LAC
C) P = MR =Lowest point on the LAC curve
D) All of the above
Correct Answer:
Verified
Correct Answer:
Verified
Q10: In the case of monopolistic competition,<br>A)Short run
Q11: Increase or decrease in the level of
Q12: The term group equilibrium is referred to<br>A)Duopoly<br>B)Monopolistic
Q13: A monopolistically competitive market is distinguished from
Q14: Under monopolistic competition, super normal profit arise
Q16: Shut-down point is a point where price
Q17: In the long-period,<br>A)All factors are fixed<br>B)Some factors
Q18: Which of the following condition are met
Q19: Break-even point is a point where price
Q20: Monopolistic competitive firm fixes the price of