Which of the Following Is NOT a Characteristic of Long-Run

question 96

Multiple Choice

Which of the following is NOT a characteristic of long-run equilibrium for a perfectly competitive firm?

• A)Price is greater than long-run average cost.
• B)Price is equal to long-run marginal cost.
• C)Economic profit is zero.
• D)The firm produces the output level at which long-run average cost is at its minimum.

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Definitions:

Centers for Disease Control and Prevention

A national public health institute in the United States that conducts research and activities aimed at preventing and controlling diseases, injuries, and disabilities.

Adults

Individuals in a mature stage of life, typically considered to begin after adolescence, marked by greater responsibility and autonomy.

Adaptive Thermogenesis

The process by which the body converts food energy (calories) to heat at a lower rate when a person eats less, because of, for example, famine or dieting.

Energy

The capacity to do work or produce change, which can exist in various forms such as kinetic, potential, thermal, chemical, and others.