Which of the Following Statements Is Not Correct

question 349

Multiple Choice

Which of the following statements is not correct?

• A)In a long-run equilibrium, marginal firms make zero economic profit.
• B)To maximize profit, firms should produce at a level of output where price equals average variable cost.
• C)The amount of gold in the world is limited. Therefore, the gold jewelry market probably has a long-run supply curve that is upward sloping.
• D)Long-run supply curves are typically more elastic than short-run supply curves.

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Definitions:

Psychoanalytic Interpretation

An approach in psychology that seeks to understand the underlying psychological meanings and motivations behind behaviors and thoughts.

Insight

The capacity to gain an accurate and deep intuitive understanding of a person or thing.

Transference

In psychology, a phenomenon where patients project feelings for others onto their therapist, often seen in psychoanalytic sessions.

Psychoanalysis

A therapeutic approach and theory of psychology developed by Sigmund Freud that focuses on unconscious processes influencing behavior.