In Long-Run Competitive Equilibrium P = SRATC, Because If P

question 28

Multiple Choice

In long-run competitive equilibrium P = SRATC, because if P > SRATC

• A)losses in the industry would cause some existing firms to exit the industry.
• B)positive economic profit would attract firms to the industry in order to obtain the profits.
• C)firms would not be producing the quantity of output at which MR = MC.
• D)firms would not be covering total fixed costs.
• E)none of the above

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Definitions:

Ilium

The broad, upper part of the pelvic bone, important for its role in weight bearing and muscle attachment.

Auricular Surface

a specific part of the ilium in the pelvic bone that connects with the sacrum to form the sacroiliac joint.

Female Pelves

The bony structure of the lower abdomen in females, distinguished by its broader, shallower shape compared to males for childbirth.

Pelvic Outlet

The inferior opening of the pelvis, bordered by the coccyx, ischial tuberosities, and the inferior pubic symphysis, important in childbirth.