Assume All Markets Are in Long-Run Equilibrium

question 146

Multiple Choice

Assume all markets are in long-run equilibrium.Market price in a duopoly would be ________ the market price in a monopoly,and ________ the market price in a competitive market.

• A) less than or equal to; less than or equal to
• B) less than or equal to; greater than or equal to
• C) less than; equal to
• D) greater than; equal to
• E) greater than or equal to; less than or equal to

---

Definitions:

Assets

Resources owned or controlled by a business, expected to bring future economic benefits.

Debits

In accounting, entries that increase asset or expense accounts, or decrease liability, equity, or revenue accounts.

Assets

Assets are possessions or properties held by a company, anticipated to yield economic advantages in the future.

Credits

An accounting entry that increases liabilities and equity or decreases an asset or expense account in double-entry bookkeeping.