Under perfect competition, firms are in equilibrium in the long run, where (a) P = SMC = SAC, (b)…
Under complete rivalry, firms are in equilibrium in the covet run, where
(a) P = SMC = SAC,
(b) SMC = SAC = AR = MR,
(c) LAC = LMC = AR = MR, or
(d) AR = MR but LMC > LAC?
Write the rectify announcement.
Distinguish betwixt the subjoined consume concepts:
(a) Opportunity consume and express consume;
(b) Explicit consume and indicated consumes;
(c) Private and collective consume; and
(d) Short-run and covet-run consume.