In Long-Run Perfectly Competitive Equilibrium, Which of the Following Is

question 206

Multiple Choice

In long-run perfectly competitive equilibrium, which of the following is false?

• A)There is efficient, low-cost production at the minimum efficient scale.
• B)Economic surplus is maximised.
• C)Firms earn economic profit.
• D)Economies of scale are exhausted.

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Definitions:

Openness to Experience

A personality trait typified by a willingness to try new things, creativity, curiosity, and an appreciation for art and beauty.

Big Five Traits

A psychological framework that characterizes human personality via five wide-ranging traits: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Factor Analysis

A statistical method used to identify underlying variables, or factors, that explain the pattern of correlations among multiple variables.

Correlate

To have a mutual relationship or connection, in which one thing affects or depends on another.