Which of the Following Is a Key Characteristic of the Long-Run

question 52

Multiple Choice

Which of the following is a key characteristic of the long-run competitive equilibrium that distinguishes it from the short-run competitive equilibrium?

• A) Free entry to reduce short-run profits, or free exit to reduce short-run losses.
• B) Economic profits are positive, but cannot be negative.
• C) Marginal revenue is greater than marginal cost.
• D) Average revenue is less than average cost.

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Definitions:

Basic Activities

Basic activities refer to fundamental tasks and actions that an individual can perform, often relating to daily living and self-care.

Norwegian Children

Children born or living in Norway, characterized by their experiences and upbringing within Norwegian culture and society.

Working Memory

The part of the information-processing system where active thinking takes place, and information from the sensory register may be combined with memory of past experiences.

Long-term Memory

The phase of memory capable of storing an unlimited amount of information indefinitely, ranging from a few minutes ago to as far back as one can remember.