What Does the Long-Run Equilibrium of a Perfectly Competitive Market

question 135

Multiple Choice

What does the long-run equilibrium of a perfectly competitive market suggest?

• A)That the price is equal to the lowest SRAC but not necessarily the lowest LRAC.
• B)That the price is equal to the lowest LRAC but not necessarily the lowest SRAC.
• C)That the price is equal to both the lowest SRAC and the lowest LRAC.
• D)That price cannot equal marginal cost.

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Definitions:

Perishable

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Common Standard

A uniform criterion or benchmark that can be widely used across different systems, organizations, or industries to ensure compatibility and efficiency.

Management Duties

Encompasses a range of responsibilities held by managers, including planning, organizing, leading, and controlling resources to achieve organizational objectives.

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