When a Purely Competitive Industry Is in Long-Run Equilibrium, Which

question 63

Multiple Choice

When a purely competitive industry is in long-run equilibrium, which statement is true?

• A)Average total cost is less than marginal cost.
• B)Price and average total cost are equal.
• C)Marginal cost is at its maximum level.
• D)Marginal revenue is greater than price.

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Definitions:

Documentation

The process or practice of recording information to detail activities, procedures, or conditions.

Order Replenishment Systems

Automated processes or systems used to manage inventory levels and reorder products or materials as needed.

Inventory Management Systems

Technologies and strategies used to monitor and manage the stock of goods in a business to optimize inventory levels and reduce costs.

Quick Response Systems

Technologies or strategies used by businesses to rapidly respond to customer demands, often aimed at improving service quality and operational efficiency.