Which of the Following Statements Is Not True in a Perfectly

question 30

Multiple Choice

Which of the following statements is not true in a perfectly competitive industry in long-run equilibrium?

• A)A profit-maximizing firm may produce any output level at which P < LRAC.
• B)Every firm produces at an output level at which MC = LRAC.
• C)There is no entry or exit from the industry.
• D)No firm earns an economic profit.

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Definitions:

Pulmonary Trunk

A large blood vessel that carries blood from the right ventricle of the heart to the lungs for oxygenation.

Superior Vena Cava

A major vein in the human body that carries deoxygenated blood from the upper half of the body to the heart's right atrium.

Ascending Aorta

The ascending aorta is the initial section of the aorta emerging from the heart, which ascends upwards before curving into the aortic arch.

Left Atrium

The left atrium is the top left section of the heart, responsible for collecting oxygen-rich blood from the lungs via the pulmonary veins and transferring it to the left ventricle.