When a Perfectly Competitive Market Is in Long-Run Equilibrium

question 82

Multiple Choice

When a perfectly competitive market is in long-run equilibrium,

• A)at least one firm makes an economic profit.
• B)all firms make zero economic profit.
• C)firms enter the market if other firms are making an economic profit.
• D)firms exit the market if other firms are incurring an economic loss.
• E)marginal revenue equals minimum average variable cost.

---

Definitions:

Self-Directed Search

A self-administered, scored, and interpreted interest inventory that was created by Holland and uses his personality types.

Reliability

In statistics and psychometrics, reliability refers to the consistency of a measure or test over time or across different raters.

Validity

The degree to which a test accurately measures what it is intended to measure.