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Answer to Question #52938 in Microeconomics for Yana

Question #52938
multiple choice
1. Which of the following is true of a perfectly competitive market?
a. If economic profits are earned then the price will fall over time.
b. In long-run equilibrium P = MR = SRMC = SRATC = LRAC.
c. A constant-cost industry exists when the entry of new firms has no effect on their cost
curves.
d All of these.
e None of the above.

2. When an industry is described as a decreasing-cost, increasing-cost, or constant-cost industry, the "cost" that is being referred to is
a. marginal cost.
b. average total cost.
c. average variable cost.
d. sunk cost.
e. fixed cost.
Expert's answer
1. Which of the following is true of a perfectly competitive market?
d All of these.
2. When an industry is described as a decreasing-cost, increasing-cost, or constant-cost industry, the "cost" that is being referred to is
b. average total cost.

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