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:

Mistake Of Value

An error made by one or both parties at the time of entering into a contract, regarding the value or worth of the subject matter of the contract.

Voidable

Refers to a contract that is valid and enforceable unless challenged and declared void by a party to the contract who is deemed to have been disadvantaged or defrauded.

Fraudulent Misrepresentation

The intentional provision of false statements or concealment of information to deceive or mislead another party.

Objective

A specific goal or aim that is intended to be achieved, often measurable and time-specific.