When a Perfectly Competitive Industry Is in Long-Run Equilibrium, Firms

question 190

Multiple Choice

When a perfectly competitive industry is in long-run equilibrium, firms maximize profits, and entry forces the price down

• A)until all loss making firms leave the industry.
• B)until each firm can earn acceptable level of economic profit.
• C)until price becomes tangent to the long run average cost curve.
• D)until the long average cost curve rises above the demand curve.

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