In Long-Run Equilibrium of a Competitive Market, the Number of Firms

question 54

Multiple Choice

In long-run equilibrium of a competitive market, the number of firms in the markets adjusts so that all of the market demand is satisfied at a price equal to:

• A)maximum marginal cost
• B)minimum average total cost
• C)minimum average variable cost
• D)sunk cost

Apply learning curves in bid preparation, scheduling, and cost accounting.

Determine total and average time for production runs using learning curves.

Estimate changes in labor costs and production time based on variations in learning rates.

Calculate the production capacity within time and labor constraints.

---

Definitions:

Segregation

The enforced separation of different racial groups in a country, community, or establishment.

Student Organizations

Groups or clubs formed within educational institutions by the students themselves, focusing on a wide range of interests and activities.

Allen Ginsberg

An influential American poet and writer, best known for his role in the Beat Generation and his landmark poem "Howl," which addressed issues of sexual repression, freedom, and societal constraints.

Howl

A poem written by Allen Ginsberg in 1955, known for its controversial discussion of homosexuality and critique of capitalism and conformity in the post-war United States.