Which of the Following Statements Is True

question 125

Multiple Choice

Which of the following statements is true?

• A)A long-run competitive equilibrium can only be achieved in constant-cost industries.
• B)When an industry achieves a long-run competitive equilibrium, industry output will not change in the future.
• C)A long-run competitive equilibrium outcome is not economically efficient.
• D)When an industry reaches a long-run competitive equilibrium, the typical firm in the industry breaks even.

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Definitions:

Antifederalists' Impact

The influence of Antifederalists in early American political thought, emphasizing the need for a Bill of Rights and advocating for a balance between federal and state powers.

Bill of Rights

The first ten amendments to the United States Constitution guaranteeing specific freedoms and rights to American citizens.

Ratification Process

The formal approval procedure of treaties, constitutional amendments, or legislative acts, often requiring a majority vote or other predefined criteria.

Equality

The state of being equal, especially in status, rights, and opportunities.