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.

You are a team of marketing consultants. it is 2008 and the great recession has struck. one of your clients is whole foods market (sometimes known as whole paycheck). wfm has come to you and asked for strategic advice on how to adapt their product and pricing strategies in light of the economic downturn: 1. advise wfm on the various approaches that could be taken to reducing price. be sure to consider potential psychological impact of price reductions on wfm consumers. 2. based on the options outlined in part 1, recommend an approach and support with marketing theory.