Which of the Following Is True of a Perfectly Competitive

question 191

Multiple Choice

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

• A)marginal revenue (MR) = marginal cost (MC) = average total cost (ATC)
• B)marginal revenue (MR) = marginal cost (MC) = average fixed cost (AFC)
• C)marginal cost (MC) = average total cost (ATC) = average fixed cost (AFC)
• D)marginal revenue (MR) = marginal cost (MC) > average total cost (ATC)
• E)marginal revenue (MR) = marginal cost (MC) > average variable cost (AVC)

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Definitions:

Metacarpals

are the five long bones in the hand that connect the wrist to the fingers, forming the part of the hand's skeleton known as the metacarpus.

Ulna

One of the two long bones in the forearm, extending from the elbow to the smallest finger, and when in anatomical position, is located on the inner aspect of the forearm.

Femur

The longest and strongest bone in the human body, extending from the hip to the knee.

Fibula

A long, thin bone of the lower leg, situated lateral to the tibia.