When a Perfectly Competitive Market Is in Long-Run Equilibrium

question 82

Multiple Choice

When a perfectly competitive market is in long-run equilibrium,

• A)at least one firm makes an economic profit.
• B)all firms make zero economic profit.
• C)firms enter the market if other firms are making an economic profit.
• D)firms exit the market if other firms are incurring an economic loss.
• E)marginal revenue equals minimum average variable cost.

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Definitions:

Cultural Influence

The impact of one's culture on their behaviors, beliefs, and values, shaping how they see the world and interact within it.

Ethnic Diversity

The presence of a wide range of distinct ethnic groups within a society, celebrated for enriching culture and enhancing social complexity.

Morality

Principles concerning the distinction between right and wrong or good and bad behavior.

Normative History-Graded

Relates to the influence of historical events and cultural shifts experienced by a specific generation.