Regardless of Quantity in Long-Run Equilibrium, the Competitive Price-Taker Market

question 152

Multiple Choice

Regardless of quantity in long-run equilibrium, the competitive price-taker market price cannot exceed the

• A) long-run average cost of supplying that quantity.
• B) total variable cost of supplying that quantity.
• C) long-run total cost of supplying that quantity.
• D) minimum long-run marginal cost of supplying that quantity.

---

Definitions:

13th Amendment

An amendment to the United States Constitution, adopted in 1865, that abolished slavery and involuntary servitude, except as punishment for a crime.

18th Amendment

An amendment to the United States Constitution that established the prohibition of alcohol, making the production, transport, and sale of alcohol illegal from 1920 until its repeal in 1933.

14th Amendment

An amendment to the US Constitution that grants citizenship to all persons born or naturalized in the United States and prohibits states from denying any person life, liberty, or property without due process of law.

Due Process

A constitutional guarantee that prevents governments from impacting citizens in an unfair, arbitrary, or unreasonable manner, ensuring fair treatment through the normal judicial system.