Long-Run Equilibrium in Competitive Markets Implies That P = MC

question 87

True/False

Long-run equilibrium in competitive markets implies that P = MC = AC.

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Definitions:

Normal Distributions

A distribution where the likelihood of data occurring decreases as the distance from the mean increases, all the while maintaining a symmetrical shape around the mean.

Discrete Random Variable

A random variable that can take on only a finite or countably infinite set of distinct values.

Text Messages

Short, digital communications sent over cell phone networks.

Probability Distribution

A mathematical description of the range of possible outcomes of a random variable, including the frequency or probability of each outcome.