Which of the Following Conditions Will Be Present When a Price-Taker

question 97

Multiple Choice

Which of the following conditions will be present when a price-taker market is in long-run equilibrium?

• A) Price will exceed marginal revenue.
• B) Firms will earn economic profit.
• C) Marginal revenue will exceed marginal cost.
• D) Average total cost will be at a minimum.

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Definitions:

Civil War

The Civil War was a conflict fought in the United States from 1861 to 1865, primarily over the issues of slavery and states' rights, resulting in the preservation of the Union.

Northern Women

Refers to women living in the northern United States, historically known for their roles in abolition and women's rights movements.

Southern Women

Women who lived in the Southern United States, known for their unique societal roles and challenges, especially during the 19th and early 20th centuries.

Emancipation Proclamation

An executive order issued by President Abraham Lincoln on January 1, 1863, that declared all slaves in Confederate-controlled territory to be permanently free.