At long-run equilibrium in a perfectly competitive industry the
typical firm is breaking even in an opportunity cost sense. T/F
Perfectly competitive markets include firms that have
significant market power, with one typically being the price
leader. T/F
In perfectly competitive markets, the individual firm’s demand
curve is flat, while the market demand curve is typically sloping
downward to the right. T/F
When a firm maximizes profits, its price is derived from where
marginal revenue crosses marginal cost (extend the...