Which of the Following Statements About a Firm in Long-Run

question 20

Multiple Choice

Which of the following statements about a firm in long-run equilibrium is true?

• A) P > MC for a firm in monopolistic competition, and P = ATC for a firm in perfect competition
• B) MR > P for a firm in monopolistic competition, and P = ATC for a firm in perfect competition
• C) P = MC for firms in both monopolistic competition and perfect competition
• D) P = MC for a firm in perfect competition, and P < ATC for a firm in monopolistic competition
• E) Both answers A and B are correct.

---

Definitions:

Plant Cells

The basic structural and functional units of plants, distinguished by their ability to perform photosynthesis through organelles called chloroplasts and having cell walls made of cellulose.

Meiosis

A type of cell division that results in four daughter cells each with half the number of chromosomes of the parent cell, as in the production of gametes.

Synapsis

Pairing of homologous chromosomes during meiosis I.

Meiosis

A type of cell division that reduces the chromosome number by half, resulting in the production of gametes or spores.