In the Long Run, Equilibrium for a Monopolist Is When

question 36

Multiple Choice

In the long run, equilibrium for a monopolist is when

• A)the short-run average cost curve is at its lowest point.
• B)the long-run average cost curve is at its lowest point.
• C)the short-run and long-run average cost curves are at their lowest points.
• D)None of these is necessarily true.

---

Definitions:

Near Point

The closest distance at which an object can be clearly focused on by the eye.

Accommodation

The ability of the eye to change its focus from distant to near objects, involving the lens changing shape.

Constricts

To narrow or become tighter, often referring to the narrowing of blood vessels or other tubular structures.

Accommodation Reflex

The process by which the eye changes optical power to maintain a clear image or focus on an object as its distance varies.