In the Long Run Equilibrium

question 55

Multiple Choice

In the long run equilibrium:

• A)price is equal to the minimum average cost.
• B)price is greater than the minimum average variable cost.
• C)price is equal to the minimum average fixed cost.
• D)price is greater that the minimum average cost.

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Definitions:

Musical

Pertaining to music; often involves the creation, performance, or appreciation of music as an art form.

Naturalist

A person who studies or is an expert in the field of natural history, particularly in the study of plants and animals in their natural environment.

Culture Biased

The tendency to interpret or judge phenomena through the lens of one's own cultural norms and values.

Culture Fair

Designed to be impartial and free from cultural bias, often referring to tests that aim to assess intelligence or aptitude without favoring any group.