In the Long-Run Equilibrium, Which of the Following Is at Its

question 98

Multiple Choice

In the long-run equilibrium, which of the following is at its minimum point?

• A)Price
• B)Average variable cost
• C)Average fixed cost
• D)Average total cost
• E)Marginal cost

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Definitions:

College Education

A post-secondary education resulting in a degree or diploma obtained from a college or university.

Supply Curve

A visual depiction that showcases the connection between the cost of a product and the amount available for sale.

Demand Curve

A graph showing the quantity of a good that consumers are willing and able to purchase at various prices.

Imposed Price

A price that is set by an external authority rather than by market forces of supply and demand.