Long-Run Equilibrium Occurs in a Competitive Market When

question 64

Multiple Choice

Long-run equilibrium occurs in a competitive market when

• A)economic profit and economic loss have been eliminated.
• B)no barriers to entry exist.
• C)all firms are operating at their shutdown points.
• D)price equals marginal cost.
• E)total revenue is maximized.

---

Definitions:

Ethics

Moral principles that govern a person's behavior or the conducting of an activity.

Compliance Programs

Structured plans implemented by organizations to ensure adherence to legal, ethical, and regulatory standards and requirements.

Terrestrial Planets

Our solar system’s four inner planets, which have solid rocky surfaces and include Mercury, Venus, Earth, and Mars; syn. inner planets.

Planetary Rings

The rings of ice, rock, and dust that orbit some planets outside their atmospheres, the most famous of which are the rings of Saturn.