Figure 12.1.2 -Which of the Following Is True for Both Perfectly Competitive

question 91

Multiple Choice

Figure 12.1.2
-Which of the following is true for both perfectly competitive and monopolistically competitive firms in the long run?

• A) P = MC.
• B) MC = ATC.
• C) P > MR.
• D) Profit equals zero.

---

Definitions:

Fruit

The ripened ovary, along with its seeds, of a flowering plant, usually eaten as food.

Grape

A small, round fruit, usually purple, green, or red, grown in clusters on vines, used for eating fresh or making wine.

Heuristics

Heuristics are mental shortcuts or rules of thumb that simplify decision making, often at the cost of accuracy or completeness.

Algorithms

Step-by-step procedures or formulas for solving problems or performing tasks.