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.