If All Firms Have the Same Costs of Production, Then

question 55

Multiple Choice

If all firms have the same costs of production, then in long-run equilibrium,

• A)price exceeds average total cost for all firms.
• B)price exceeds marginal cost for all firms.
• C)some firms may earn positive economic profits.
• D)all firms have zero economic profits and just cover their opportunity costs.

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Definitions:

Telepathy

The claimed transfer of data between individuals without employing recognized human sensory methods or direct physical contact.

Psychokinesis

Psychokinesis refers to the supposed ability to move or manipulate objects with the mind, without physical intervention.

Precognition

The alleged ability or phenomenon of knowing or perceiving events before they happen or occur.

Clairvoyance

Clairvoyance is the purported psychic ability to gain information about an object, person, location, or physical event through extrasensory means, beyond the known human senses.