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March 1, 2015

Homework Help: Economics

Posted by Haseena on Monday, April 12, 2010 at 8:03am.

Goodday

I would like to find out whether the following statements are true:
 The equilibrium of the firm and the equilibrium of the industry are the same in the short run as well as the long run.
 In the short run, the firm is in equilibrium when MC=MR=P
 When the industry is in equilibrium, the firm will make normal profit only.
 A monopolist can set its quantities sold and the price of the product independent of each other

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