In Long-Run Competitive Equilibrium P = SRATC, Because If P

question 168

Multiple Choice

In long-run competitive equilibrium P = SRATC, because if P > SRATC

• A)losses in the industry would cause some existing firms to exit the industry.
• B)positive economic profit would attract firms to the industry in order to obtain the profits.
• C)firms would not be producing the quantity of output at which MR = MC.
• D)firms would not be covering total fixed costs.

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Definitions:

Chair Conformation

A term used to describe the most stable, staggered conformation of a cyclohexane ring, resembling a chair, which minimizes steric strain.

Axial

Describes atoms or groups of atoms in a molecular structure that are oriented parallel to an axis of symmetry, often contrasted with equatorial positioning.

Chair Conformer

A specific spatial arrangement of the cyclohexane ring that minimizes steric strain, resembling a chair shape.

Axial Hydrogens

Hydrogen atoms positioned along the axis of a molecule, perpendicular to a specified plane, often referring to cyclohexane conformations.