In Long-Run Equilibrium for a Perfectly Competitive Industry, Price Equals

question 239

Multiple Choice

In long-run equilibrium for a perfectly competitive industry, price equals

• A) short-run marginal cost.
• B) short-run average cost.
• C) long-run average cost.
• D) All of the above are correct.

---

Definitions:

Goal Seek Analysis

A function in spreadsheet software that finds the input value needed to achieve a specified goal.

Inputs

Resources, materials, or information that are used in the production process to create goods or services.

Outputs

The final products or results generated by a system, process, or activity.

Contribution Margin Ratio

A financial metric indicating the portion of sales revenue that exceeds variable costs and contributes to covering fixed costs and generating profit.