Which of the Following Conditions Is True of a Perfectly

question 1

Multiple Choice

Which of the following conditions is true of a perfectly competitive industry when it is in long-run equilibrium?

• A)Firms are entering the industry.
• B)Firms are exiting the industry.
• C)Price equals minimum short-run average total cost for all firms.
• D)Accounting profits for all firms are zero.
• E)Firms are experiencing increasing returns to scale.

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Definitions:

Absolute Truth

A fact or principle that is believed to be universally valid, irrespective of context or situation.

Inhelder and Piaget

Swiss developmental psychologists Barbel Inhelder and Jean Piaget, known for their work on cognitive development and stages of child development.

Chemicals

Substances with a distinct molecular composition that are used in or produced by chemical processes.

Systematic

Refers to a method or process being carried out using a fixed plan or system, in a thorough and organized manner.