(mod/quiz/attempt.php?attempt=344378&cmid%3=1431273&page=3 ready meals. O d. A 6% rise in consumer income will lead to a 9.0% rise in sales of its ready meals. Given a perfectly competitive firm, which of the following statements are true? Select one or more: O a. In the long run, the firm can make profits greater than normal profit. Ob. Marginal revenue will be less than price. O c. In the short run, the firm can make profits greater than normal profit. O d. In the short run, average cost cannot be greater than price. A firm doubles its inputs and discovers that its output has trebled. The prices of the inputs remain constant. This is an example of:

(mod/quiz/attempt.php?attempt=344378&cmid%3=1431273&page=3 ready meals. O d. A 6% rise in consumer income will lead to a 9.0% rise in sales of its ready meals. Given a perfectly competitive firm, which of the following statements are true? Select one or more: O a. In the long run, the firm can make profits greater than normal profit. Ob. Marginal revenue will be less than price. O c. In the short run, the firm can make profits greater than normal profit. O d. In the short run, average cost cannot be greater than price. A firm doubles its inputs and discovers that its output has trebled. The prices of the inputs remain constant. This is an example of:

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter8: Perefect Competition

Section: Chapter Questions

Problem 5SQP

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