In Long-Run Equilibrium Under Perfect Competition

question 29

Multiple Choice

In long-run equilibrium under perfect competition,

• A)the firm and the industry will have the same cost curves.
• B)only a very few firms will be earning economic profits.
• C)the demand curves facing individual firms will fall to the level of minimum AC.
• D)individual firms will tend to increase their outputs.

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Definitions:

Blended Family

A family unit where at least one parent has children from a previous relationship, mixing biological and step-relations within the household.

Individuals

Single human beings, as distinct from a group, considered independently from other people.

Severe Distress

Indicates a high level of emotional, psychological, or physical pain that significantly impacts an individual's daily functioning and wellbeing.

Resilient Children

Young individuals who are able to adapt well to adversity, stress, or difficult life situations, often bouncing back from challenges.