If a competitive market is in equilibrium, then: Prices are such that supply is equal to demand. Supply is equal to the average cost curve. Each individual buyer is purchasing their optimal bundle, given prices and incomes. O Firms still wish to increase production along the intensive margin, given prices. More than one of the above. O No answer.

If a competitive market is in equilibrium, then: Prices are such that supply is equal to demand. Supply is equal to the average cost curve. Each individual buyer is purchasing their optimal bundle, given prices and incomes. O Firms still wish to increase production along the intensive margin, given prices. More than one of the above. O No answer.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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