Which of the Following Statements Is Not Correct

question 349

Multiple Choice

Which of the following statements is not correct?

• A)In a long-run equilibrium, marginal firms make zero economic profit.
• B)To maximize profit, firms should produce at a level of output where price equals average variable cost.
• C)The amount of gold in the world is limited. Therefore, the gold jewelry market probably has a long-run supply curve that is upward sloping.
• D)Long-run supply curves are typically more elastic than short-run supply curves.

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Definitions:

Management

The process of directing and controlling a group of people or an organization to achieve a set goal.

Attractive Offer

A proposal or deal that is highly appealing and likely to be accepted by its intended audience, often because of advantageous terms.

Strike

A collective work stoppage undertaken by employees to express grievances or demand improvements in terms and conditions of employment.

Union

An organization formed by workers in the same sector or profession, aimed at negotiating with employers for better wages, working conditions, and benefits.