Which of the Following Is Not a Condition of Long-Run

question 109

Multiple Choice

Which of the following is not a condition of long-run equilibrium for perfectly competitive firms?

• A)price is equal to marginal cost
• B)price is equal to minimum short-run average total cost
• C)price is equal to minimum long-run average cost
• D)price is equal to marginal revenue
• E)economic profit is positive

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Definitions:

Erosion

The process by which soil, rock, and other surface material are worn away and transported by natural forces such as wind or water.

Deposition

the geological process by which sediments, soil, and rocks are added to a landform or land mass.

Unconformity

A joining line between two mismatched rock layers, representative of an era where there was either erosion or a halt in deposition.

Sandstone

A sedimentary rock formed by the compaction and cementation of sand-sized mineral particles or rock fragments.