In perfectly competitive long-run equilibrium: a the industry supply curve must be upward-sloping. b all firms make positive economic profits. c all firms produce at the minimum point of their average total cost curves. d all firms face the same price, but the value of marginal cost will vary directly with firm size. e the price will equal average variable cost.

Financial performance is measured in many ways. requirements 1. explain the difference between lag and lead indicators. 2. the following is a list of financial measures. indicate whether each is a lag or lead indicator: a. income statement shows net income of $100,000 b. listing of next week's orders of $50,000 c. trend showing that average hits on the redesigned website are increasing at 5% per week d. price sheet from vendor reflecting that cost per pound of sugar for the next month is $2 e. contract signed last month with large retail store that guarantees a minimum shelf space for grandpa's overloaded chocolate cookies for the next year