When Firms in a Perfectly Competitive Market Face the Same

question 76

Multiple Choice

When firms in a perfectly competitive market face the same costs, in the long run they must be operating

• A)under diseconomies of scale.
• B)with small, but positive, levels of profit.
• C)at their efficient scale.
• D)where price is equal to average fixed cost.

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Definitions:

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An educational institution that provides secondary education, typically for students aged approximately 14 to 18, preceding college or university.

Symbolic Interactionist

A sociological perspective focusing on how individuals interpret and give meaning to symbols, interactions, and social relationships in their daily lives.