A Perfectly Competitive Industry in Long-Run Equilibrium Is Described as Efficient

question 146

Multiple Choice

A perfectly competitive industry in long-run equilibrium is described as efficient because firms

• A)produce at the low point on their average cost curve.
• B)produce where marginal cost yields a profit.
• C)earn no more than the cost of capital.
• D)are not profitable.

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Definitions:

GRT Instruction

An instruction in programming languages, such as ladder logic for PLCs, that stands for "greater than" when comparing two values.

Dest

Short for "destination," often used in programming or networking to refer to the target location for data storage or transmission.

Math Instruction

A command or operation in computer programming and digital logic that performs mathematical calculations.