When a Firm in a Price-Taker Industry Is in Long-Run

question 7

Multiple Choice

When a firm in a price-taker industry is in long-run equilibrium, the market price equals

• A) marginal cost but may be greater or less than average total cost.
• B) both average total cost and marginal cost.
• C) average total cost but may be greater or less than marginal cost.
• D) marginal revenue but may be greater or less than both average total cost and marginal cost.

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Definitions:

Civil Rights Act of 1964

is landmark U.S. legislation that outlawed discrimination based on race, color, religion, sex, or national origin, particularly in voter registration and employment.

Sexual Harassment

Unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature in the workplace or learning environments.

Affirmative Action Plans

Strategies implemented by employers to promote more inclusive work environments by increasing job opportunities for underrepresented groups.

Equal Protection Clause

A provision of the 14th Amendment to the U.S. Constitution guaranteeing that no state shall deny any person within its jurisdiction equal protection of the laws.