13. A typical firm in a perfectly competitive industry will have what type of long run average costs? decreasing long-run average costs long-run average costs has no relationship to industry structure

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Question 13
13. A typical firm in a perfectly competitive industry will have what type of long run average costs?
decreasing long-run average costs
long-run average costs has no relationship to industry structure
increasing long-run average costs.
constant long-run average costs
Question 14
14. When a firm is producing at the quantity of output q* where Marginal Revenue equals Marginal
Cost in the short run, then the firm is:
Productively efficient.
O Loss minimizing.
Profit maximizing.
Either profit maximizing or Loss minimizing.
Transcribed Image Text:Question 13 13. A typical firm in a perfectly competitive industry will have what type of long run average costs? decreasing long-run average costs long-run average costs has no relationship to industry structure increasing long-run average costs. constant long-run average costs Question 14 14. When a firm is producing at the quantity of output q* where Marginal Revenue equals Marginal Cost in the short run, then the firm is: Productively efficient. O Loss minimizing. Profit maximizing. Either profit maximizing or Loss minimizing.
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