Which of the Following Will Not Hold True for a Competitive

question 116

Multiple Choice

Which of the following will not hold true for a competitive firm in long-run equilibrium?

• A) P equals AFC.
• B) P equals minimum ATC.
• C) MC equals minimum ATC.
• D) P equals MC.

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Definitions:

Inquiry

The act of seeking information by questioning or investigation.

Rejection

The refusal to accept, approve, or acknowledge something, especially referring to contractual or legal offers.

Counteroffer

A response to an original offer in a negotiation, where the terms of the first offer are modified.

Binding Contract

An agreement between two or more parties that is legally enforceable in a court of law.