In the Long Run,perfectly Competitive Firms Will Exit the Market

question 184

Multiple Choice

In the long run,perfectly competitive firms will exit the market if the price is

• A) higher than average variable cost.
• B) equal to average total cost.
• C) less than average total cost.
• D) equal to average fixed cost.
• E) equal to marginal revenue.

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Definitions:

Actuate Brakes

The process of applying brakes or causing brake systems to engage in order to slow or stop movement.

Detect Objects

The process or method used to identify the presence of physical items or obstacles in the surrounding environment, typically through sensors or software algorithms.

ECM

Stands for Engine Control Module, a computer that controls various engine functions such as fuel injection, ignition timing, and emissions.

ECU

Stands for Engine Control Unit, a computer within a vehicle that controls various aspects of the engine's operation, including timing, air/fuel mixture, and more.