Which of the Following Statements Concerning Equilibrium in the Long

question 64

Multiple Choice

Which of the following statements concerning equilibrium in the long run is NOT correct?

• A) Firms are able to vary their plant sizes in the long run.
• B) Firms will exit the industry if economic profits equal zero.
• C) The market price equals both marginal cost and average total cost.
• D) Economic profits are eliminated as new firms enter the industry.

---

Definitions:

Public Practices

Behaviors, routines, or activities conducted in public contexts, reflecting societal values, norms, or traditions.

Durkheim

Refers to Émile Durkheim, a foundational French sociologist known for his work on social cohesion and the division of labor.

Rituals

In Durkheim’s usage are public practices designed to connect people to the sacred.

Spirituality

A broad concept involving the search for meaning, purpose, and connection with something greater than oneself.