Which Is True of a Purely Competitive Firm in Long-Run

question 143

Multiple Choice

Which is true of a purely competitive firm in long-run equilibrium?

• A) Average fixed cost equals price.
• B) Marginal cost equals marginal product.
• C) Price equals marginal cost.
• D) Average variable cost equals marginal cost.

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Definitions:

Sustainable Supply Chain

A supply chain management approach that incorporates ecological and social considerations into all stages of the supply chain.

Sustainability Standards

Guidelines and criteria designed to promote environmentally responsible and socially equitable business practices within industries.

Inbound Logistics

The process of receiving, handling, and storing goods that are coming into a business from suppliers.

Physical Distribution

The activities involved in moving a product from the point of production to the point of consumption, including transportation, warehousing, and inventory management.