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.

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Definitions:

Outgroup Homogeneity Bias

The tendency to view members of an outgroup as more similar to each other than members of one's ingroup.

UCLA

The University of California, Los Angeles, a public research university located in the Westwood district of Los Angeles, California.

USC

A shortened reference to the University of Southern California, a major research university located in Los Angeles, known for its academic and athletic programs.

Economics

The social science that studies how individuals, groups, and nations manage and use resources, including the production, distribution, and consumption of goods and services.