Properties of Long-Run Competitive Equilibrium with Free Entry Include

question 55

Multiple Choice

Properties of long-run competitive equilibrium with free entry include:

• A) an equilibrium price equal to the minimum MC.
• B) firms earning positive profits.
• C) active firms producing at their efficient scales of production.
• D) All of these are properties of long-run competitive equilibrium.

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Definitions:

Exerting

Applying effort, influence, or pressure to achieve a particular outcome.

Represented

Being acted on or spoken for by another, especially in a legal or professional context.

Policy-Making

is the process by which governments, organizations, or other groups develop and implement rules, laws, or guidelines to govern or guide behavior.

Avoid Conflict

the practice of evading confrontations or disputes to maintain harmony or prevent escalation.