In the Long-Run Equilibrium of a Competitive Market, the Number

question 175

Multiple Choice

In the long-run equilibrium of a competitive market, the number of firms in the market adjusts until the market demand is satisfied at a price equal to the minimum of

• A)average fixed cost for the marginal firm.
• B)marginal cost of the marginal firm.
• C)average total cost of the marginal firm.
• D)average variable cost of the marginal firm.

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Definitions:

Epiglottis

A leaf-shaped flap of cartilage located behind the tongue, which closes over the windpipe during swallowing to prevent food from entering the airway.

Pharyngeal

Pertaining to the pharynx, the region of the throat that sits behind the mouth and nasal cavity.

Esophageal

Relating to the esophagus, the muscular tube that connects the throat (pharynx) with the stomach and transports food and liquids.

Gastric

Pertains to the stomach and its role in digestion, including the secretion of gastric juices that break down food.