Which of the Following Is True of a Perfectly Competitive

question 15

Multiple Choice

Which of the following is true of a perfectly competitive firm in long-run equilibrium?

• A)The market supply curve is horizontal.
• B)The market demand curve is horizontal.
• C)It will minimize its average total cost.
• D)It will charge a price above its marginal cost.
• E)Marginal cost is minimized.

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Definitions:

Control Limits

Predetermined boundaries in statistical process control that indicate the limits of variation acceptable for a process to be considered in control.

Control Limits

Statistical boundaries within a control chart that represent acceptable levels of variation in a process.

Permissible Variation

The acceptable range of deviation that a quality characteristic can exhibit without affecting the performance of a product or system.

Nominal Specification

Nominal Specification refers to the precisely defined or stated values of variables or parameters that are intended in design or development, serving as standards or norms.