Figure: Comparing Long-Run Equilibriums (Figure: Comparing Long-Run Equilibriums) in the Figure

question 63

Multiple Choice

Figure: Comparing Long-Run Equilibriums (Figure: Comparing Long-Run Equilibriums) In the figure Comparing Long-Run Equilibriums, which of the following statements is false?

• A)The major difference between firms in the market structure shown in panel a and panel b is that firms in panel a cannot have excess profits in the long run, but those in panel b can have excess profits in the long run.
• B)Panel a and panel b show markets in which firms are covering all of their implicit and explicit costs.
• C)Firms in the market shown in panel a produce identical products, whereas firms in the market shown in panel b produce similar products.
• D)Panel a and the panel b show markets that have many firms.

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Definitions:

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