In a Perfectly Competitive Market,when Will the Process of Entry

question 213

Multiple Choice

In a perfectly competitive market,when will the process of entry and exit end for firms in the market

• A)when price is equal to average variable cost
• B)when marginal revenue is equal to average variable cost
• C)when economic profits are zero
• D)when marginal revenue equals zero

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Definitions:

Technological Advances

The development of new tools, equipment, and procedures that improve efficiency, effectiveness, and capabilities in various fields, including healthcare.

Poverty

The state of being extremely poor, where individuals lack the financial resources to meet basic living needs.

Medicaid

A health care program that assists low-income families or individuals in paying for long-term medical and custodial care costs.

Health Care Insurance

A financial product that covers the cost of an individual's medical and surgical expenses, either directly paying the care provider or reimbursing the insured.