Firms in Long-Run Equilibrium in a Perfectly Competitive Industry Will

question 40

Multiple Choice

Firms in long-run equilibrium in a perfectly competitive industry will produce at the low points of their average total cost curves because

• A)free entry implies that long-run profits will be zero no matter how much each firm produces.
• B)firms seek maximum profits and to do so they must choose to produce where average costs are minimized.
• C)firms maximize profits and free entry implies that maximum profits will be zero.
• D)firms in the industry desire to operate efficiently.

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