With Identical Firms, Constant Input Prices, and All the Other

question 70

Multiple Choice

With identical firms, constant input prices, and all the other characteristics of a competitive market

• A)the long run equilibrium price is the minimum of the average cost curve.
• B)a shift in demand will change the equilibrium price and quantity.
• C)the long run and short run equilibria are identical.
• D)Both A and B.

---

Definitions:

Researching Conduct

The manner in which research is planned, executed, and reported, adhering to ethical, methodological, and scholarly standards.

Developing Statement

Crafting a pronouncement or declaration that outlines or introduces a concept, policy, or intention.

Interpret Source

The act of analyzing and deriving meaning from a document, artifact, or other form of original material.

Source's Reputation

The general opinion or perception regarding the credibility and reliability of a particular information source.