When a Perfectly Competitive fiRm Is in Equilibrium in the Long

question 69

Multiple Choice

When a perfectly competitive firm is in equilibrium in the long run, _____.

• A) average cost must be lesser than marginal revenue
• B) average cost must be greater than marginal revenue
• C) average cost must be equal to marginal revenue
• D) marginal revenue must be greater than price

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Definitions:

Stop Payment

An order given by an account holder to their bank to not pay a specific check that has been issued or to halt a payment that has been requested.

Heirs

Individuals legally entitled to receive a portion of a deceased person's estate under the laws of inheritance.

Deceased

A term used to describe a person who has died.

Stop-Payment Order

A request made to a bank to cancel a cheque that has not been processed yet.