Which of the Following Is True Regarding the Equilibrium Price

question 21

Multiple Choice

Which of the following is true regarding the equilibrium price in perfectly competitive markets in the long run?

• A)It will equal the firm's long- and short-run average costs and also its marginal cost.
• B)It will equal the firm's long- and short-run average costs but not its marginal cost.
• C)It will equal the firm's long-run average costs and also its marginal cost but not its short-run costs.
• D)It will equal the firm's short-run average costs and also its marginal cost but not its long-run costs.

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Definitions:

Insulin

Insulin is a hormone produced by the pancreas that regulates blood sugar levels by facilitating the uptake of glucose into cells, essential for energy production.

Pancreatic Beta Cells

Pancreatic beta cells are cells located in the islets of Langerhans in the pancreas that produce and release insulin, a hormone that regulates blood sugar levels.

Thyroid Hormone

A hormone produced by the thyroid gland that regulates metabolism, energy generation, and growth and development in the body.

Anterior Pituitary

The anterior, glandular lobe of the pituitary gland; functions as a classical endocrine gland; secretes growth hormone, prolactin, melanocyte-stimulating hormone, and several tropic hormones. Compare with posterior pituitary.