Which of the Following Is True in a Long-Run Competitive

question 46

Multiple Choice

Which of the following is true in a long-run competitive equilibrium?

• A)Price is greater than average total cost.
• B)Profits are greater than zero.
• C)Marginal cost is greater than average total cost.
• D)Market supply is greater than market demand.
• E)There is no incentive to enter or exit the industry.

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Definitions:

Kindertransport

The movement that rescued nearly 10,000 Jewish children from Nazi-occupied territories to Britain before the outbreak of World War II.

Rescue Mission

A strategic operation aimed at saving lives or recovering assets in dangerous or critical situations.

Outbreak

The sudden occurrence of something undesirable, such as a disease, causing widespread health concerns.

Kittery, Maine

A town located in York County, Maine, known for its historic sites, outlets, and proximity to the Piscataqua River and Atlantic Ocean.