In Perfectly Competitive Long-Run Equilibrium

question 164

Multiple Choice

In perfectly competitive long-run equilibrium:

• A)all firms make positive economic profits.
• B)all firms produce at the minimum point of their average total cost curves.
• C)the industry supply curve must be upward-sloping.
• D)all firms face the same price,but the value of marginal cost will vary directly with firm size.

---

Definitions:

Medium-Term Stores

Describes a stage in the memory process where information is held for a period longer than short-term memory but is not yet transferred to long-term memory.

Sensory

Relating to sensation or the physical senses; transmitting or perceiving stimuli or sensory information.

Long-Term Stores

Another term for long-term memory, it refers to the component of the memory system capable of storing large amounts of information indefinitely.

Short-Term

Pertaining to a limited time period, often implying immediacy or temporary nature.