Price, marginal revenue, marginal cost and average total cost will all be ________ for a perfectly competitive firm in long-run equilibrium.

As macroeconomic conditions improve and consumers' incomes and wealth increase, their demand for many products tends to become ________ price inelastic. As such, the ability of firms to mark up price above cost will ________

A) more; increase B) more; decrease C) less; increase D) less; decrease

If the absolute price elasticity of demand is equal to 1 in the short run, then in the long run, other things being equal, the absolute price elasticity of demand will be

A) less than one. B) less than zero. C) greater than one. D) equal to zero.