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:

Venue

The location where a trial or legal proceeding is held or deemed most appropriate for resolving a case.

State and Federal Jurisdiction

The legal authority granted to state and federal courts over certain types of cases based on geographical area and subject matter.

Subject-matter Jurisdiction

The capability of a court to handle particular types of legal cases or those pertaining to specific areas of interest.

Personal Jurisdiction

The authority of a court over the parties involved in a lawsuit, permitting it to make decisions affecting their rights.