When a Purely Competitive Firm Is in Long-Run Equilibrium, Price

question 27

Multiple Choice

When a purely competitive firm is in long-run equilibrium, price is equal to

• A) marginal cost but may be greater or less than average cost.
• B) minimum average cost and also to marginal cost.
• C) minimum average cost but may be greater or less than marginal cost.
• D) marginal revenue but may be greater or less than both average and marginal cost.

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Definitions:

Episodes

Individual occurrences or periods in which a person experiences a particular condition or event.

Lifetimes

Lifetimes generally refer to the duration for which an entity, organism, or system exists or functions.

Manic Episodes

Periods of abnormally elevated mood and energy levels, often associated with bipolar disorder.

Bipolar Disorder

A mental health condition that causes extreme mood swings that include emotional highs (mania or hypomania) and lows (depression).