In Long-Run Equilibrium, Which of the Following Is Not Equal

question 72

Multiple Choice

In long-run equilibrium, which of the following is not equal to price for a perfectly competitive firm?

• A) short-run average variable cost
• B) long-run average total cost
• C) short-run marginal cost
• D) short-run average total cost

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Definitions:

Labor Cooperation

The collaboration between labor forces, often across organizations or countries, to achieve common objectives.

Social Clause

A provision in trade agreements aimed at ensuring that trade does not lead to the detriment of labor or environmental standards.

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World Trade Organization, an international body that regulates international trade between nations, aiming to ensure that trade flows smoothly and freely.

ILO

The International Labour Organization (ILO) is a United Nations agency that sets international labor standards and promotes rights at work, encouraging decent employment opportunities and enhancing social protection.