In a Long-Run Equilibrium, Both Perfectly Competitive Markets and Monopolistically

question 215

True/False

In a long-run equilibrium, both perfectly competitive markets and monopolistically competitive markets have price equal to average total cost.

---

Definitions:

Lubricating Film

A thin layer of liquid or other substances applied to surfaces to reduce friction and wear.

Smooth Surface

A type of physical surface that is even and untextured, often found in manufactured objects and natural formations.

Synovial Membrane

The soft tissue that lines the inner surface of synovial joints, producing synovial fluid for lubrication.

Lubricating Film

A thin layer of liquid or substance applied to surfaces to minimize friction and wear, commonly found in mechanical systems, joints, and tissues.