Regardless of Quantity in Long-Run Equilibrium, the Competitive Price-Taker Market

question 152

Multiple Choice

Regardless of quantity in long-run equilibrium, the competitive price-taker market price cannot exceed the

• A) long-run average cost of supplying that quantity.
• B) total variable cost of supplying that quantity.
• C) long-run total cost of supplying that quantity.
• D) minimum long-run marginal cost of supplying that quantity.

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Definitions:

Moral Development

The growth of an individual's understanding of the principles and values that guide responsible behavior.

Lawrence Kohlberg

A psychologist best known for his theory of the stages of moral development, which describes how individuals evolve in their understanding of morality.

Universal Human Rights

The idea that all human beings are entitled to certain rights and freedoms, regardless of their nationality, sex, national or ethnic origin, race, religion, language, or any other status.

Abstract Reasoning

The ability to analyze information, detect patterns and relationships, and solve problems on a complex, intangible level.