Consider a Competitive Market with a Large Number of Identical

question 102

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,how is market price determined

• A)by demand
• B)by the minimum point on the firms' average-total-cost curve
• C)by the minimum point on the firms' average-variable-cost curve
• D)by the number of firms in the industry

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