In the Long-Run Equilibrium in a Perfectly Competitive Market

question 146

Multiple Choice

In the long-run equilibrium in a perfectly competitive market,

• A) the firms make an economic profit.
• B) the firms' owners make a normal profit.
• C) the average total cost is maximized.
• D) marginal cost is at a minimum.

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Definitions:

Triracial Stratification

A sociological model that describes the division of society into three racial groups, often hierarchical, influencing socioeconomic status and opportunities.

White Power

A racist ideology centered on the belief in the superiority of white people and advocating for the dominance of the white race.

Oppositional Identity

An identity formed in opposition to the values and norms of mainstream culture.

South Asians

Individuals originating from the southern region of the Asian continent, notably from countries like India, Pakistan, Bangladesh, Sri Lanka, Nepal, Bhutan, and Maldives.