In Long-Run Perfectly Competitive Equilibrium,economic Efficiency Is Achieved Because

question 48

Multiple Choice

In long-run perfectly competitive equilibrium,economic efficiency is achieved because

• A)price equals long-run marginal cost for every firm in the industry.
• B)price equals average fixed cost for every firm in the industry.
• C)price equals minimum long-run average cost for every firm in the industry.
• D)both a and c

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Definitions:

Ownership

The legal right or title to an asset or property, including the rights to use, enjoy, and dispose of it.

Perfect Tender Rule

A legal principle in sales law that allows buyers to reject goods if they fail to conform precisely to the terms of the contract.

Slightest Defect

Refers to the minimum imperfection or fault in something that can lead to legal liability or the rejection of a product or service.

Destroy

The act of causing something to cease to exist or to become inoperative or unserviceable.