At the Long-Run Equilibrium of a Perfectly Competitive Industry, Price

question 40

Multiple Choice

At the long-run equilibrium of a perfectly competitive industry, price is set so that it is equal to

• A) average fixed cost
• B) average total cost
• C) marginal cost

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Definitions:

Psychoanalysis

A method of psychological therapy originated by Sigmund Freud focusing on exploring unconscious motives and conflicts.

Repressed

A psychological term referring to the unconscious blocking of undesirable or uncomfortable thoughts, feelings, or memories from conscious awareness.

Catharsis

A process of releasing and thereby providing relief from strong or repressed emotions, often through art, drama, or psychological means.

Humanistic Therapies

A group of psychotherapies that emphasize personal growth and the concept of self-actualization.