Which of the Following Is True Regarding the Equilibrium Price

question 21

Multiple Choice

Which of the following is true regarding the equilibrium price in perfectly competitive markets in the long run?

• A)It will equal the firm's long- and short-run average costs and also its marginal cost.
• B)It will equal the firm's long- and short-run average costs but not its marginal cost.
• C)It will equal the firm's long-run average costs and also its marginal cost but not its short-run costs.
• D)It will equal the firm's short-run average costs and also its marginal cost but not its long-run costs.

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Definitions:

Life Expectancy

The average period that a person may expect to live, which varies across different countries and is influenced by factors such as healthcare, lifestyle, and genetics.

Old-age Insurance

A government or private financial program designed to provide income to individuals during their retirement years, aiming to ensure financial security for the elderly.

Federal Government

The national government of a federation that has specific powers delineated by a constitution, distinct from state or provincial governments.

Work Force

The group of individuals who are capable of working and are either employed or actively seeking employment in a given country or region.