When a Purely Competitive Firm Is in Long-Run Equilibrium, Price

question 27

Multiple Choice

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

• A) marginal cost but may be greater or less than average cost.
• B) minimum average cost and also to marginal cost.
• C) minimum average cost but may be greater or less than marginal cost.
• D) marginal revenue but may be greater or less than both average and marginal cost.

---

Definitions:

Textual Information

Textual information refers to data that is presented in text form, as opposed to non-textual information like images, videos, or audio.

Complement

Something that completes or goes well with something else, often enhancing its qualities or effectiveness.

Visual

Relating to seeing or sight, often used in the context of graphical information or imagery.

Verbal

Relating to or in the form of words, especially spoken rather than written.