Which of the Following Is True of a Long-Run Competitive

question 7

Multiple Choice

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

• A)The market has a horizontal long-run supply curve.
• B)Inputs employed in the industry cannot earn more in other industries.
• C)Firms in the market earn high abnormal profits.
• D)Firms face constant input costs irrespective of the output level.

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