When a Purely Competitive Industry Is in Long-Run Equilibrium, Which

question 85

Multiple Choice

When a purely competitive industry is in long-run equilibrium, which statement is true?

• A)Average total cost is less than marginal cost.
• B)Price and average total cost are equal.
• C)Marginal cost is at its maximum level.
• D)Marginal revenue is greater than price.

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Definitions:

Psychoanalytic

A psychological theory or technique that emphasizes unconscious mental processes and early childhood experiences.

Behaviorism

A theory of learning which states that all behaviors are acquired through conditioning processes influenced by the environment, without the need for internal thoughts or feelings.

Psychoanalysis

A therapeutic approach and theory of psychotherapy developed by Sigmund Freud that emphasizes the role of unconscious factors in driving human behavior.

Freud

Sigmund Freud was a neurologist and the founder of psychoanalysis, a method for treating psychopathology through dialogue between a patient and a psychoanalyst.