Consider a Competitive Market with a Large Number of Identical

question 279

Multiple Choice

Consider a competitive market with a large number of identical firms.The firms in this market do not use any resources that are available only in limited quantities.In long-run equilibrium,market price is determined by

• A) the minimum point on the firms' average variable cost curve.
• B) the minimum point on the firms' average total cost curve.
• C) a firm's level of sunk costs.
• D) Both b and c are correct.

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