13. Firms in a perfectly competitive firm make 0 economic profitin the long run.
True or False
14. A firm in a perfectly competitive market, finds that it's MR= MC occurs at Q = 100, at which point the market Price is $8. Thefirm's ATC = AFC+AVC = $6; Is the firm making a profit or loss atthis point of production?
a.Loss of $200
b.profit of $600
C.loss of $600
D. profit of $200
15. A perfectly elastic demand curve has an elasticity of
a. infinity
b. 0
c. 1
d. 100
16. The Cross-Price elasticity of demand Between X and Y willalways be negative if the goods are Complements.
True or False
