Which of the Following Is a Condition for Long-Run Equilibrium

question 1

Multiple Choice

Which of the following is a condition for long-run equilibrium in a competitive industry?

• A)Each firm in the industry is earning zero economic profit.
• B)The inputs employed in the industry earn less than they would had they been used elsewhere.
• C)Each firm in the industry will produce that level of output at which marginal cost is the lowest.
• D)The number of new entrants into the industry is positive.

Apply standard costing methods to recording transactions in a worksheet.

Analyze and interpret fixed and variable manufacturing overhead variances.

Apply standard cost variances to affect the Cost of Goods Sold.

Understand the concept of standard cost system and its application in the manufacturing industry.

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Definitions:

Line-Angle Formula

A simplified drawing that represents the structure of a molecule in organic chemistry using lines to represent chemical bonds and angles to indicate bond directions.

Cyclobutanol

A four-membered cyclic alcohol characterized by a ring containing three carbon atoms and one oxygen atom in the ring, bonded to a hydroxyl group.

Molecular Formula

A notation that shows the number and type of atoms in a molecule, without indicating how they are bonded together.

Line-Angle Structure

A shorthand diagrammatic method used in organic chemistry to represent chemical structures with lines representing bonds and angles representing chemical bonds without the need to draw all atoms.