"In a Long-Run Equilibrium, Price Is Equal to Average Total

question 168

Multiple Choice

"In a long-run equilibrium, price is equal to average total cost." This statement applies to

• A)competitive markets, but not to monopolistically competitive markets or monopolies.
• B)competitive and monopolistically competitive markets, but not to monopolies.
• C)competitive markets, monopolistically competitive markets, and monopolies.
• D)None of the above is correct.

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Definitions:

Import

The purchase of goods or services from foreign producers, bringing them into one's home country.

Export

The sale of goods or services produced in one country to another country, contributing to a nation's gross domestic product.

Trucks

Heavy vehicles designed for transporting goods, often playing a critical role in logistics and supply chains.

Cars

Wheeled motor vehicles used primarily for transportation of people.