When a Purely Competitive Firm Is in Long-Run Equilibrium

question 72

Multiple Choice

When a purely competitive firm is in long-run equilibrium,

• A) marginal revenue exceeds marginal cost.
• B) price equals marginal cost.
• C) total revenue exceeds total cost.
• D) minimum average total cost is less than the product price.

---

Definitions:

Liberty

Being unrestrained in society by authoritative sanctions on one's personal behavior, way of life, or political views.

Theodore Weld

A prominent leader in the American abolitionist movement during the early and mid-19th century, known for his powerful oratory and anti-slavery publications.

Sin

An act considered to be a transgression against divine law or ethical principles, often associated with religious belief systems.

Colonization Society

Often refers to organizations like the American Colonization Society, founded in the early 19th century to support the migration of free black people to Africa.