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13. Firms in a perfectly competitive firm make 0 economic profit in the long run. True or...

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Economics

13. Firms in a perfectly competitive firm make 0 economic profitin the long run.

True or False

14. A firm in a perfectly competitive market, finds that it's MR= MC occurs at Q = 100, at which point the market Price is $8. Thefirm's ATC = AFC+AVC = $6; Is the firm making a profit or loss atthis point of production?

a.Loss of $200

b.profit of $600

C.loss of $600

D. profit of $200

15. A perfectly elastic demand curve has an elasticity of

a. infinity

b. 0

c. 1

d. 100

16. The Cross-Price elasticity of demand Between X and Y willalways be negative if the goods are Complements.

True or False

Answer & Explanation Solved by verified expert
4.4 Ratings (1000 Votes)
13 TRUE In a perfectly competitive market all firms gets zero economic profit in the long run In the long run to avoid the free entry and exit of the firms the industry determines price in    See Answer
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