Long-Run Competitive Equilibrium in an Industry Implies That

question 21

Multiple Choice

Long-run competitive equilibrium in an industry implies that

• A) all firms in the industry are earning positive economic profit.
• B) all firms in the industry are producing output at the point where marginal profit equals marginal cost.
• C) there is no positive economic profit to attract new entrants.
• D) the accounting profit of all firms in a competitive industry is zero.
• E) there is negative economic profit,so firms exit.

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Individuals typically characterized by an advanced age, often defined legally or socially as people who are at or beyond the retirement age in their society.

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