Which of the Following Statements Is Not True in a Perfectly

question 30

Multiple Choice

Which of the following statements is not true in a perfectly competitive industry in long-run equilibrium?

• A)A profit-maximizing firm may produce any output level at which P < LRAC.
• B)Every firm produces at an output level at which MC = LRAC.
• C)There is no entry or exit from the industry.
• D)No firm earns an economic profit.

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Definitions:

Auscultating

The act of listening to the internal sounds of the body, typically using a stethoscope, as part of a medical examination.

Incentive Spirometry

A respiratory therapy technique used to encourage patients to breathe deeply, preventing lung complications.

Abdominal Surgery

A broad term for any surgical procedure on the abdominal organs, including the stomach, liver, gallbladder, spleen, pancreas, intestines, and appendix.

Chronic Respiratory Disease

A group of long-term breathing problems that affect the lungs, such as asthma, chronic obstructive pulmonary disease, and emphysema.