In Long-Run Equilibrium Under Perfect Competition

question 29

Multiple Choice

In long-run equilibrium under perfect competition,

• A)the firm and the industry will have the same cost curves.
• B)only a very few firms will be earning economic profits.
• C)the demand curves facing individual firms will fall to the level of minimum AC.
• D)individual firms will tend to increase their outputs.

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Definitions:

Revenue Variance

The difference between a company's actual revenue and its expected or budgeted revenue during a specific period.

Spending Variances

Differences between budgeted and actual expenditures in various categories, often analyzed in budgeting to understand financial performance.

Patient-Visits

A metric used in healthcare management to quantify the number of times patients visit a healthcare facility.

Standard Cost

A predetermined cost of manufacturing, selling, and administrative activities, used as a benchmark to measure performance.