If a Price-Taker Industry Is in Long-Run Equilibrium, the Market

question 216

Multiple Choice

If a price-taker industry is in long-run equilibrium, the market price in the industry will be just sufficient to cover the firm's average

• A) total costs.
• B) fixed costs.
• C) variable costs.
• D) variable costs plus a 10 percent accounting profit.

---

Definitions:

Grid Computing

A computing paradigm that involves the integration of disparate resources across multiple administrative domains for a common goal.

Utility Computing

The provision of computing resources, such as computing power and storage, as a metered service similar to a traditional public utility.

Virtual Servers

Servers that are simulated by software and can run multiple operating systems on a single physical hardware.

Physical Server

A dedicated computer server located in a data center or on-site, providing computing power and resources for specific services or operations.