In the above figure, if the price is P1, the firm will produce
A) nothing.
B) where MC equals ATC.
C) where MC equals P1.
D) where ATC equals P1.
C
Economics
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The long-run equilibrium for a perfectly competitive firm occurs at the minimum point of the ________
A) total fixed cost curve B) average fixed cost curve C) average total cost curve D) marginal cost curve
Economics
The measure used to determine whether two products are substitutes or complements is called
a. price elasticity of demand. b. income elasticity of demand. c. cross elasticity of demand. d. inverse elasticity of demand.
Economics