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

question 47

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.
• E)Economic profit is negative.

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Definitions:

Vascular Cambium

A layer of plant tissue located between the xylem and phloem that contributes to the growth in thickness (secondary growth) of stems and roots.

Intercellular Spaces

Intercellular spaces are gaps between plant cells that facilitate gas exchange and the movement of water and nutrients.

Root Cortex

The layer of plant tissue between the epidermis and the vascular cylinder, primarily involved in storage and transport of nutrients in roots.

Root Hairs

Thin, hair-like extensions from a plant's root system that increase surface area for water and nutrient absorption from the soil.