-Consider the Perfectly Competitive Firm in the Above Figure

question 42

Multiple Choice

-Consider the perfectly competitive firm in the above figure. At what price will long-run equilibrium occur?

• A) $11
• B) $12
• C) $22
• D) $23

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Definitions:

Economists

Individuals dedicated to analyzing the creation, dissemination, and consumption patterns of goods and services.

Decisions

The act of making choices between alternatives to achieve a goal or solve a problem.

Efficiency

The extent to which resources are used in the most productive way possible to produce desired goods and services while minimizing waste or inefficiency.

Economic Pie

A metaphorical representation of the total wealth or economic resources available for allocation or distribution within an economy.