In a Perfectly Competitive Industry, in the Long-Run Equilibrium

question 239

Multiple Choice

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

• A)the typical firm is producing at the output where its long-run average total cost is not minimised.
• B)the typical firm is earning an accounting profit greater than its implicit costs.
• C)the typical firm earns zero profit.
• D)the typical firm is maximising its revenue.

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