Which of the Following Is NOT Correct Concerning Perfectly Competitive

question 87

Multiple Choice

Which of the following is NOT correct concerning perfectly competitive firms in the long run?

• A) Long-run economic profits are zero.
• B) Price equals minimum long-run average cost.
• C) Entrepreneurs earn the opportunity cost of their investment.
• D) The opportunity cost of capital is zero.

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Definitions:

Property Rights

The legal rights to use, control, and obtain benefits from a resource, property, or invention.

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Tourist Industry

A sector of the economy comprised of businesses and services dedicated to catering to the needs and preferences of travelers.

Optimal Extraction Level

The most efficient rate of resource extraction that balances immediate benefits with long-term sustainability.