When a Perfectly Competitive Industry Is in Long-Run Equilibrium, Its

question 85

Multiple Choice

When a perfectly competitive industry is in long-run equilibrium, its firms are:

• A) earning more than zero economic profits.
• B) combining their variable and fixed resources inefficiently.
• C) not in short-run equilibrium.
• D) allocating all their resources efficiently.

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Definitions:

National Government

A political organization holding sovereign authority over a country, responsible for its administration and law enforcement.

Economic Decisions

The choices made by individuals, households, businesses, and governments regarding the allocation of resources and engagement in economic activities.

National Identity

A sense of a nation as a cohesive whole, as represented by distinctive traditions, culture, and language.

Consciousness

The state of being aware of and able to think about one's own existence, sensations, thoughts, surroundings, etc.