Properties of Long-Run Competitive Equilibrium with Free Entry Include

question 22

Multiple Choice

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

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

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Definitions:

Affiliation

The need or desire to build relationships or be part of a group.

Achievement

A term that denotes the successful accomplishment or attainment of goals, often used in educational, professional, or personal contexts.

Community

A group of people living in the same place or having a particular characteristic in common, often sharing a sense of belonging and mutual support.

Culture of Honor

A social concept where respect, pride, and reputation become powerful motivating forces, often resulting in aggressive responses to perceived insults or threats.