In Long-Run Equilibrium in Perfect Competition,marginal Cost Is

question 121

Multiple Choice

In long-run equilibrium in perfect competition,marginal cost is:

• A)greater than price.
• B)equal to price.
• C)less than price.
• D)related to price but not in a predictable way.

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Definitions:

One-time Payment

A single financial transaction, often made for a specific purpose or to settle a liability.

Rate of Interest

The percentage of the principal amount charged by lenders for the use of their money or paid by banks on deposits over a specified time period.

Doubled

To increase something by 100%, making it twice as large or twice as much in quantity.

Years

Units of time that constitute 365 days (or 366 days in a leap year), commonly used as a measure for time periods in financial calculations.