Which of the Following Is Not a Condition of Long-Run

question 110

Multiple Choice

Which of the following is not a condition of long-run competitive equilibrium?

• A)Economic profits are zero.
• B)Marginal revenue is greater than marginal cost.
• C)Price is equal to marginal cost.
• D)Firms do not have an incentive to change plant size.
• E)none of the above

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Definitions:

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how spread out the values are from the mean.

Forecast Error

A measurement of the discrepancy between predicted values and actual outcomes in demand forecasting.

Expected Overstock

The anticipated excess quantity of inventory that exceeds the demand.

Optimal Level

The most advantageous point or degree of something for a specific purpose or outcome.