Which of the following could be the price elasticity of demand for a good for which a decrease in price would increase revenue?

Which is an important aspect of the perfectly competitive market that leads to long run equilibrium?

A) perfect information B) freedom of entry and exit C) price taking behavior D) homogeneous products

Which of the following is NOT true for a perfectly competitive firm in the long run?

A) MR = MC B) MC > LAC C) Price = MC D) SAC = LAC