In the Long Run, Falling Average Cost Curves Over the Relevant

question 44

Multiple Choice

In the long run, falling average cost curves over the relevant range of output lead to:

• A)perfect competition.
• B)zero total profit.
• C)imperfect competition.
• D)allocative efficiency.
• E)any of the above.

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Definitions:

Spontaneous

Occurring naturally, without being planned or premeditated.

Impractical

Impractical describes something that is not feasible or realistic in terms of implementation or use, often due to it being too complex or costly.

Joint Goal

A shared aim or objective that is pursued by multiple parties or individuals working together collaboratively.

Common End

A shared goal or objective that multiple parties aim to achieve through collaboration or agreement.