Each question has four possible responses of which

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section. Each question has four possible responses of which only one is the correct response. Click on the Assign 2 (Multiple Choice) link. The amount of time between when you first start the assessment and when you submit it is unlimited, but it must be submitted before the beginning of your class time on November 22nd for the Monday-Wednesday-Friday sections and on November 23rd for the Tuesday-Thursday sections. Vista allows for interruptions (e.g., you can answer some of the questions one day, save your responses, and answer the remaining questions as well as revise previously-answered questions on another day). Once you submit your assignment you can no longer make changes. Your grade and the correct solutions will be available to you from the My Grades link approximately two days after the assignment is due. 1. Which of the following statements best describes the long run equilibrium of a perfectly competitive market? a) Firms set price where marginal revenue of the market demand schedule is equal to their marginal cost. b) Firms generally earn positive profits because economies of scale act like an entry barrier. c) Assuming identical firms, the long run equilibrium price can be calculated by first finding the quantity that results in marginal cost equal to average total cost, and then substituting that quantity into the marginal cost schedule. d) The long run equilibrium price always occurs in the elastic portion of the market demand schedule. 2. Consider the following statements about monopolies and indicate which response is correct.
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