In Long-Run Equilibrium, Both Purely Competitive and Monopolistically Competitive Firms

question 161

Multiple Choice

In long-run equilibrium, both purely competitive and monopolistically competitive firms will

• A) produce at minimum average total cost.
• B) earn economic profits.
• C) achieve allocative efficiency.
• D) equate marginal cost and marginal revenue.

Grasp the importance of thoroughly reviewing employment contracts and the necessity of specific clauses.

Learn the proper conduct and considerations when testifying in court.

Understand the ethical issues arising from medical advances and how they are addressed.

Understand the concepts of intentional and unintentional torts in the context of healthcare.

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Definitions:

Implied Warranty

A legal assumption that a product will meet the standards of acceptability and usability without explicit statement by the seller.

Res Ipsa Loquitur

A doctrine that allows a judge or jury to infer that, more likely than not, the defendant’s negligence was the cause of the plaintiff’s harm even though there is no direct evidence of the defendant’s lack of due care.

Negligence

A failure to behave with the level of care that someone of ordinary prudence would have exercised under the same circumstances.

Strict Liability

A legal principle holding an individual or entity responsible for damages or injuries caused by their actions or products, regardless of negligence or intent.