Which of the Following Is True in Long-Run Equilibrium for Both

question 60

Multiple Choice

Which of the following is true in long-run equilibrium for both perfect competition and monopolistic competition?

• A) Accounting profit is zero.
• B) Marginal cost equals price.
• C) Long-run average cost is at a minimum.
• D) Economic profit is zero.

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Definitions:

Accountability

The obligation of an individual or organization to account for its activities, accept responsibility for them, and disclose the results in a transparent manner.

Specified Time Periods

Predetermined intervals or durations during which particular activities, events, or processes are intended to occur or be completed.

Positive Feelings

Emotions or attitudes that are conducive to happiness and contentment, including optimism and joy.

Organizational Positions

Designated roles or jobs within an organization, each with specific responsibilities and authority levels, structured to contribute to the organization's goals.