1)Under perfect competition, in long-run equilibrium, P = MC = ATC

Subject:MarketingPrice:2.88 Bought3

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1)Under perfect competition, in long-run equilibrium, P = MC = ATC.

a. True

b. False

2)Consider a demand schedule defined as P = 20 - Qd and a supply schedule defined as P = Qs, in which P is the price and Q the quantity.

Whats is the equilibrium level of output in this market? Show work.

a. 10

b. 1

c. 5