The Long-Run Total Cost Schedule of a Perfectly Competitive Firm

question 96

Multiple Choice

The long-run total cost schedule of a perfectly competitive firm that produces blueberries is as follows:
TABLE 8-2

-Refer to Table 8-2. If input costs are constant and there are no barriers to entry, what will the long-run equilibrium price of a kilogram of blueberries be?

• A) approximately $2
• B) approximately $2.20
• C) approximately $2.50
• D) approximately $2.75

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Definitions:

Life Satisfaction

A measure of well-being determined by how people reflect on their life as a whole rather than their current feelings.

Religiosity

The degree of religious observance, involvement, or belief in an individual's life.

Conscientiousness

Pertains to a personality trait characterized by diligence, carefulness, thoroughness, organization, and dependability.

Narrative Psychology

An approach in psychology focused on the study and use of personal storytelling and narratives to understand human experience and identity.