In the Long Run, a Perfectly Competitive Market Will

question 266

Multiple Choice

In the long run, a perfectly competitive market will

• A)produce only the quantity of output that yields a long-run profit for the typical firm.
• B)supply whatever amount consumers will buy at a price which earns the market an economic profit.
• C)supply whatever amount consumers demand at a price determined by the minimum point on the typical firm's average total cost curve.
• D)generate a long-run equilibrium where the typical firm operates at a loss.

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Definitions:

Findings of Fact

Are the conclusions reached by a judge or jury on the factual issues of a case.

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Regulations established by government agencies which have the force of law and are created to implement the will of Congress or state legislatures.

Congress

The national legislative body of the United States of America, consisting of two chambers: the Senate and the House of Representatives.

De Novo

A Latin term meaning "from the beginning," used in law to indicate a trial or hearing is to be conducted anew.