Which of the Following Is Consistent with Long-Run Equilibrium for a Perfectly

question 98

Multiple Choice

Which of the following is consistent with long-run equilibrium for a perfectly competitive market?

• A)Average total costs of production are maximized.
• B)Economic profits are positive.
• C)Maximum technical efficiency is achieved.

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Definitions:

Couples Therapy

A form of psychotherapy aimed at resolving relationship issues through communication and problem-solving strategies among partners.

Family Therapy

Family therapy is a form of psychotherapy that aims to address psychological, behavioral, and emotional issues by working with the family as a whole.

Reframing

A cognitive behavioral technique involving changing the way one thinks about or interprets a situation, event, or experience in order to change its meaning and emotional impact.

Structural Change

A significant alteration or transformation in the economy or a sector of the economy, typically involving shifts in industries, technology, or market dynamics.