Which of the Following Is Not True in a Long-Run

question 25

Multiple Choice

Which of the following is not true in a long-run perfectly competitive equilibrium?

• A) , where P is market price and MC is the marginal cost of a firm.
• B) , where P is market price and AC is the average cost of a firm.
• C) , where is the supply of an individual firm, is the number of firms in the industry, and Q^d is the market demand for a product.
• D) Firms may earn negative profits.

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Definitions:

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