When a Purely Competitive Firm Is in Long-Run Equilibrium and Is

question 36

Multiple Choice

When a purely competitive firm is in long-run equilibrium and is allocatively efficient:

• A) total revenue is at a maximum.
• B) marginal cost equals marginal revenue.
• C) average variable cost equals marginal cost.
• D) total cost is at a minimum.

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Definitions:

Isotope

Atoms of the same element that have different numbers of neutrons, resulting in different masses but similar chemical properties.

Neutrons

Electrically neutral subatomic particles found in the nucleus of an atom, contributing to the atomic mass but not the atomic charge.

Protons

Positively charged particles found in the nucleus of an atom, contributing to the atom's mass and defining its element by determining the atomic number.

Isotope

An isotope refers to one of two or more forms of an element with the same number of protons but a different number of neutrons in the nucleus, resulting in different atomic masses but similar chemical properties.