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

question 143

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.

---

Definitions:

Market System

In this economic order, the strategies for investment, production, and merchandise distribution are dictated by supply and demand trends, with a free-market policy guiding the pricing of all goods and services.

Economic Systems

The means by which countries or communities organize and distribute available resources, goods, and services across the economy.

North Korea

North Korea is a country in East Asia, officially known as the Democratic People's Republic of Korea, known for its authoritarian government and isolation from most of the international community.

South Korea

A country located in East Asia, known for its advanced technology sector, vibrant culture, and strong economy.