When a Perfectly Competitive Market Is in Long-Run Equilibrium,each Firm's

question 87

Multiple Choice

When a perfectly competitive market is in long-run equilibrium,each firm's price equals

• A)both marginal cost and average total cost
• B)marginal cost,but exceeds average total cost
• C)marginal cost,but falls below average total cost
• D)average total cost,but exceeds marginal cost
• E)average total cost,but falls below marginal cost.

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Definitions:

Rorschach Inkblot Test

A projective psychological test consisting of 10 inkblots printed on cards, used to analyze a person's personality characteristics and emotional functioning.

Extraverted

A personality trait characterized by a preference for social interaction and external stimulation.

Cluster

A group of similar things or people positioned or occurring closely together.

Trait Theorists

Trait theorists focus on identifying, categorizing, and measuring these enduring characteristics or traits that define an individual's personality.