Consider the Following Statements When Answering This Question: I

question 55

Multiple Choice

Consider the following statements when answering this question: I. In the long-run equilibrium of a perfectly competitive market, a firm's producer surplus equals the sum of the economic rents earned on its inputs to production.
II) In the long-run equilibrium of a perfectly competitive market, the amount of economic profit earned can differ across firms, but not the amount of producer surplus.

• A) I and II are true.
• B) I is true, and II is false.
• C) I is false, and II is true.
• D) I and II are false.

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