Long-Run Equilibrium Occurs in a Competitive Market When

question 9

Multiple Choice

Long-run equilibrium occurs in a competitive market when

• A)economic profit and economic loss have been eliminated.
• B)no barriers to entry exist.
• C)all firms are operating at their shutdown points.
• D)price equals marginal cost.
• E)none of the above.

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Definitions:

Stable Global Attribution

A tendency to generalize the causes of behaviors and events as constant and widespread, influencing one's perspective on life and self-esteem.

Prejudice

Preconceived opinion or bias against someone or something without sufficient knowledge, thought, or reason.

Discrimination

Unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, or sex.

Anecdotal Evidence

Information based on personal accounts, observations, or stories rather than systematic research.