Consider a Competitive Market with a Large Number of Identical

question 27

Multiple Choice

Consider a competitive market with a large number of identical firms.The firms in this market do not use any resources that are available only in limited quantities.In long-run equilibrium,market price

• A)is determined by demand.
• B)is determined by the minimum point on the firms' average total cost curve.
• C)is determined by the minimum point on the firms' average variable cost curve.
• D)depends on how many firms exist in the industry.

---

Definitions:

Joint Tenancy

Joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants, his or her interest automatically passes to the surviving joint tenant(s).

Ownership Interests

The rights and stake a person or entity has in property, including the rights to use, sell, or lease it.

Real Property

Land and anything permanently attached to it, such as buildings, in contrast to personal property, which is movable.

Subsurface

Referring to the area beneath the earth's surface, often related to underground water or mineral reserves.