Under Long-Run Perfect Competition, Which of the Following Are the Same

question 20

Multiple Choice

Under long-run perfect competition, which of the following are the same (equal) at all levels of output?

• A) Price and marginal cost.
• B) Price and marginal revenue.
• C) Marginal cost and marginal revenue.
• D) All of the above.

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Definitions:

Waste

Any unusable materials or substances involved in a process which are produced as a by-product and often require disposal.

Processing Time

The duration required to complete a particular process or activity, often used in manufacturing and operational analysis.

Unit-level Activities

Activities in cost accounting that vary with the number of units produced, such as operating machinery for each unit.

Departmental Unit

A division within an organization with specific responsibilities, often based on function, product line, or geographical area.