Which of the Following Statements Is Not Correct

question 349

Multiple Choice

Which of the following statements is not correct?

• A)In a long-run equilibrium, marginal firms make zero economic profit.
• B)To maximize profit, firms should produce at a level of output where price equals average variable cost.
• C)The amount of gold in the world is limited. Therefore, the gold jewelry market probably has a long-run supply curve that is upward sloping.
• D)Long-run supply curves are typically more elastic than short-run supply curves.

---

Definitions:

Colorful Slide Deck

A presentation that uses various colors and graphics to make the information more engaging and visually appealing.

Memorizing

The process of committing something to memory through repetition or study.

Extemporaneous

Speaking or performing with little or no preparation, often characterized by spontaneity and naturalness.

Impromptu

Impromptu refers to something done without being planned, prepared, or rehearsed, often characterized by spontaneity.