Long-Run Competitive Equilibrium Requires

question 129

Multiple Choice

Long-run competitive equilibrium requires:

• A) average costs to be zero for all firms in the industry.
• B) price to be zero for all firms in the industry.
• C) economic profits to be zero for all firms in the industry.
• D) accounting profits to be zero for all firms in the industry.

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Definitions:

Secret Society

An organization that is exclusive and secretive, often having rituals and ceremonies unknown to those outside the society.

Group Cohesion

A measure of the bond and sense of solidarity among members of a group.

Ivy League

A prestigious group of eight private research universities in the Northeastern United States, known for their high academic standards and significant history.

Groupthink

A psychological phenomenon where the desire for harmony or conformity in a group results in an irrational or dysfunctional decision-making outcome.