Which of the Following Does Not Hold True for a Perfectly

question 128

Multiple Choice

Which of the following does not hold true for a perfectly competitive firm in long-run equilibrium?

• A)Its economic profit will be zero.
• B)It will minimize average total cost.
• C)It will charge a price equal to marginal cost.
• D)Marginal cost will be minimized.

---

Definitions:

Executory Contracts

Contracts under which both parties to the agreement have duties remaining to be performed. If a contract's major obligations are unfulfilled by both parties, it is seen as executory.

One-Year Provision

The one-year provision is a legal clause, often found in statutes of frauds, which requires certain contracts to be in writing and signed if they cannot be performed within one year.

Majority Rule

A principle in democracy stating that the decisions and choices of the greater number of participants should guide the actions and policies of the group.

Integrated Contracts

An integrated contract is a written agreement that constitutes the final and complete understanding between parties, encompassing all terms and conditions.