Which Is the Most Accurate Statement

question 48

Multiple Choice

Which is the most accurate statement?

• A)In the long run the perfect competitor makes an economic profit.
• B)Most perfect competitors are large firms.
• C)In the long run the perfect competitor's price is equal to average total cost.
• D)The long and the short run for the perfect competitor are identical.

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Definitions:

Bailment for Value

A legal relationship in which physical possession, but not ownership, of personal property is transferred from one person to another for a specific purpose, with an expectation of compensation.

Gratuitous Bailment

A bailment where the bailor transfers possession of property to the bailee without expecting any payment or benefit in return.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, often measured by GDP.

Legislative Authority

The power or right vested in a legislative body to enact laws, statutes, and regulations.