A Long-Run Equilibrium in an Industry Exists When

question 116

Multiple Choice

A long-run equilibrium in an industry exists when

• A)cost per unit is at its lowest possible level.
• B)there is only one firm in the industry.
• C)the size of the market remains constant.
• D)price equals cost per unit.
• E)price equals marginal cost.

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Definitions:

Social Entrepreneurship

A business model that focuses on solving social problems or addressing needs through innovative solutions.

Economic Goals

Objectives that society or individuals aim to achieve to improve economic welfare, such as growth, full employment, stability, and equity.

Stakeholders

Individuals or groups impacted by or having an interest in the operations and outcomes of a business or project.

Social Entrepreneurship

A business model that combines innovation and resources to address social, cultural, or environmental issues, often focusing on creating social value over profit.