In the Long-Run Equilibrium of a Market with Free Entry

question 19

Multiple Choice

In the long-run equilibrium of a market with free entry and exit, marginal firms are operating

• A)at the point where average variable cost equals marginal cost.
• B)at the minimum point on their marginal cost curves.
• C)at their efficient scale.
• D)where accounting profit is zero.

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Definitions:

Genital Warts

A sexually transmitted infection caused by certain strains of the human papillomavirus (HPV), characterized by small bumps on the genitals or surrounding area.

Genital Herpes

A sexually transmitted infection caused by the herpes simplex virus (HSV), leading to genital sores and discomfort.

Syphilis

A sexually transmitted bacterial infection caused by the bacterium Treponema pallidum, notable for its varied stages and symptoms.

Human Immunodeficiency Virus

A retrovirus that infects cells of the immune system, leading to its progressive failure and increased vulnerability to infections and diseases, known as AIDS.