In the Long-Run Equilibrium of a Market with Free Entry

question 19

Multiple Choice

In the long-run equilibrium of a market with free entry and exit, marginal firms are operating

• A)at the point where average variable cost equals marginal cost.
• B)at the minimum point on their marginal cost curves.
• C)at their efficient scale.
• D)where accounting profit is zero.

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Definitions:

Infect

The act of causing disease by introducing a pathogen or harmful microorganism into a host organism.

Immunodeficiency Virus

A type of virus that attacks the immune system, leading to a progressive failure of immune response.

Acquired Immunodeficiency Syndrome

A chronic, potentially life-threatening condition caused by the human immunodeficiency virus (HIV) which severely damages the immune system.

Enveloped Virus

A virus that has an outer lipid bilayer membrane derived from the host cell, surrounding its capsid, which aids in infecting host cells by fusing with the host's membrane.