Which of the Following Is a Condition for Long-Run Equilibrium

question 1

Multiple Choice

Which of the following is a condition for long-run equilibrium in a competitive industry?

• A)Each firm in the industry is earning zero economic profit.
• B)The inputs employed in the industry earn less than they would had they been used elsewhere.
• C)Each firm in the industry will produce that level of output at which marginal cost is the lowest.
• D)The number of new entrants into the industry is positive.

---

Definitions:

Patients

People who receive medical treatment or care from healthcare professionals.

Subsequently

Occurs after a particular event or time; following in time or order.

Cognitive

Pertaining to the mental processes involved in gaining knowledge and comprehension, including aspects such as thinking, knowing, and remembering.

Affective

Related to emotions or feelings, influencing people's responses and behaviors towards stimuli.