In Long-Run Equilibrium in Perfect Competition,price Is

question 62

Multiple Choice

In long-run equilibrium in perfect competition,price is:

• A)greater than average total cost.
• B)equal to average total cost at an output below the point where average total cost is minimized.
• C)equal to average total cost at its minimum.
• D)equal to average total cost at an output above the point where average total cost is minimized.

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Definitions:

Capital Required

The total amount of financial resources needed to fund a business’s operations and investments, including starting costs, assets, and working capital.

Natural Resources

Materials or substances occurring in nature which can be exploited for economic gain, including water, minerals, forests, and fossil fuels.

Worker Productivity

The measure of the output of goods or services produced by an employee within a given time frame.

Worker Preferences

The desires or priorities of employees regarding their job conditions, salary, environment, and other job-related factors.