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:

Leather Boots

Footwear made from the hide of animals, treated for durability and aesthetics, often chosen for protection or style.

Mexico

A country located in the southern portion of North America, known for its rich culture, history, and diverse landscapes.

United States

A country located in North America, consisting of 50 states and a federal district, known for its large economy and diverse population.

Opportunity Costs

The cost of forgoing the next best alternative when making a decision.