In Long-Run Equilibrium, the Perfectly Competitive Firm Sets Its Price

question 86

Multiple Choice

In long-run equilibrium, the perfectly competitive firm sets its price equal to which of the following?

• A) Short-run average total cost.
• B) Short-run marginal cost.
• C) Long-run average cost.
• D) All of the above.

---

Definitions:

Maintenance Stage

In behavior change models, the phase where new behaviors are consolidated into everyday practice, with the goal of preventing relapse into old habits.

Career Stage Model

A framework that outlines the various phases an individual goes through in their professional life, from entry-level positions to retirement.

Establishment Stage

A phase in one's career or the lifecycle of an organization during which stability and growth are pursued after initial achievements or setup.

Person's Career

The progression and actions of an individual's professional life, including job experiences, education, and advancements.