In Short Run Competitive Equilibrium

question 6

Multiple Choice

In short run competitive equilibrium:

• A)p = q.
• B)p = SAVC.
• C)p = SMC.
• D)p = SAC.

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Definitions:

Living Standards

A measure of the wealth, comfort, material goods, and necessities available to individuals or societies.

U.S. Investment

The activity of allocating resources, usually in the form of capital or money, into the United States' financial assets or business ventures with the expectation of achieving a profit.

Gross Savings

The total amount saved by an economy before accounting for depreciation.

Dramatically Slowed Down

A significant decrease in the pace or speed at which processes, developments, or activities occur.