Which of the Following Is True in Long-Run Equilibrium for Both

question 60

Multiple Choice

Which of the following is true in long-run equilibrium for both perfect competition and monopolistic competition?

• A) Accounting profit is zero.
• B) Marginal cost equals price.
• C) Long-run average cost is at a minimum.
• D) Economic profit is zero.

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Definitions:

Trade Surplus

A situation where a country's exports exceed its imports over a certain period, leading to a positive balance of trade.

Economic Engines

Key industries or sectors within an economy that drive economic growth, employment, and wealth generation.

Consumer Goods

Products and commodities that are bought and used by individuals and households for personal use.

Agricultural Production

The process of cultivating plants and raising livestock for food, fiber, and other products.