In Long-Run Equilibrium for a Perfectly Competitive Firm, Price Equals

question 177

Multiple Choice

In long-run equilibrium for a perfectly competitive firm, price equals which of the following?

• A) Economies of real cost.
• B) Maximum total revenue.
• C) Diseconomies of scale cost.
• D) Minimum point on the long-run average cost curve.

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Definitions:

Well-Being

A state of being comfortable, healthy, or happy, often used in economic terms to refer to the economic welfare or quality of life of individuals or societies.

Government Policy

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Adverse Events

Unintended and generally negative outcomes or occurrences associated with a particular process, treatment, or action.

Borrow And Lend

The process of obtaining funds (borrowing) from another party with the obligation to return the funds often with interest (lending).