In a Long-Run Equilibrium, the Marginal Firm Has

question 581

Multiple Choice

In a long-run equilibrium, the marginal firm has

• A)price equal to minimum marginal cost.
• B)total revenue equal to total cost.
• C)accounting profit equal to zero.
• D)All of the above are correct.

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Definitions:

Industrial/Organizational Psychology

A branch of psychology that applies psychological theories and principles to organizations, focusing on workplace behavior and how to improve productivity and employee well-being.

Applied Area

A specific domain or field in which certain skills, methodologies, or theories are applied to practical problems.

Empiricism

The philosophical stance that knowledge comes primarily from sensory experience or experimentation.

Common-Sense Approach

A practical and straightforward method of solving problems or understanding concepts that is based on ordinary, everyday reasoning and experiences.