When a Purely Competitive Firm Is in Long-Run Equilibrium, It

question 159

Multiple Choice

When a purely competitive firm is in long-run equilibrium, it is said to achieve allocative efficiency because

• A)total revenue is at a maximum.
• B)marginal cost equals marginal revenue.
• C)average cost equals marginal cost.
• D)average cost is at a minimum.

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The process of understanding, interpreting, or making sense of something, especially in the context of communication or learning.

Senser

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A characteristic of individuals or organizations that prioritize human interaction, focusing on relationships and individuals' well-being.

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