When a Purely Competitive Firm Is in Long-Run Equilibrium

question 178

Multiple Choice

When a purely competitive firm is in long-run equilibrium,

• A)marginal revenue exceeds marginal cost.
• B)price equals marginal cost.
• C)total revenue exceeds total cost.
• D)minimum average total cost is less than the product price.

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Definitions:

Antarctica

The earth's southernmost continent, containing the geographic South Pole, noted for its extreme cold and ice-covered landscape.

Deep Space

The regions of space outside the Earth's atmosphere and beyond the solar system.

Whaling Industry

The practice of hunting whales for their usable products like meat, oil, and blubber, which has historically played a significant economic role in some cultures.

Whale Meat

The flesh of whales used as food, which is a controversial subject due to conservation efforts.