In the Long Run, a Competitive Market with 1,000 Identical

question 176

True/False

In the long run, a competitive market with 1,000 identical firms will experience an equilibrium price equal to the minimum of each firm's average total cost.

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Definitions:

Largest Protists

Protists, being a diverse group of eukaryotic organisms, range in size, with the largest ones like kelp reaching lengths of several meters.

Golden Algae

Golden algae are a group of algae belonging to the class Chrysophyceae, known for their distinctive yellow and brown carotenoid pigments.

Colonial

Colonial refers to organisms that live in colonies, where individuals of the same species live together in close proximity for mutual benefit, often leading to specialized functions within the colony.

Multicellular

Comprising more than one cell, often with cells differentiated to perform specific functions.