In Long-Run Equilibrium, Output Is Expanded to the Minimum Long-Run

question 77

Multiple Choice

In long-run equilibrium, output is expanded to the minimum long-run average total cost by

• A) price takers but not by competitive price searchers.
• B) competitive price searchers but not by price takers.
• C) both competitive price searchers and price takers.
• D) neither price takers nor competitive price searchers.

---

Definitions:

Accounts Payable

The amount of money that a company owes its suppliers for goods and services purchased on credit and has not yet paid.

Common-Size Financial Statement

Financial statements that present all items in percentage terms, with each line item displayed as a percentage of a significant figure such as total sales or total assets, for comparison purposes.

Source Of Cash

A Source Of Cash refers to activities or transactions that bring money into a company, increasing its cash flow, such as operating activities, financing activities, and investing activities.

Accounts Payable

The amount of money that a company owes to its suppliers or creditors, representing its short-term liabilities.