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:

Formal Schooling

Structured education provided typically in a classroom setting, following a prescribed curriculum.

Episodic Knowledge

Knowledge of the events we have experienced, such as what you ate for breakfast.

Family Vacation

A period of leisure and recreation spent away from home with one's family members.

Semantic Knowledge

relates to the aspect of memory that stores general knowledge about the world, including concepts, facts, and meanings.