Consider a Perfectly Competitive Firm

question 63

Multiple Choice

Consider a perfectly competitive firm.Which of the following equalities could hold true in a short-run equilibrium but not in a long-run equilibrium?

• A)TC = TFC + TVC
• B)P = MC
• C)P = AR
• D)P = AVC
• E)P = MR

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Definitions:

Extroversion

A characteristic of personality marked by being outgoing, communicative, confident, and demonstrating significant emotional expression.

Conscientiousness

A personality trait characterized by being responsible, organized, dependable, and exhibiting a strong sense of duty.

Task Oriented

Refers to a focus and prioritization on carrying out specific tasks or achieving particular goals.

Responsible

Having an obligation to do something or the ability to act independently and make decisions without authorization.