When a Perfectly Competitive Market Is in Long-Run Equilibrium,each Firm's

question 87

Multiple Choice

When a perfectly competitive market is in long-run equilibrium,each firm's price equals

• A)both marginal cost and average total cost
• B)marginal cost,but exceeds average total cost
• C)marginal cost,but falls below average total cost
• D)average total cost,but exceeds marginal cost
• E)average total cost,but falls below marginal cost.

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Definitions:

Rock Types

Categories into which rocks are classified based on their formation process, including igneous, sedimentary, and metamorphic.

Conglomerate

A coarse-grained sedimentary rock composed of rounded clasts bonded together by a matrix of finer particles and cement.

Breccia

A coarse-grained sedimentary rock composed of angular fragments, usually formed at a fault zone or by volcanic activity.

Sandstone

A sedimentary rock composed mainly of sand-sized mineral particles or rock fragments, often used in building and construction.