Which of the Following Is True in Long-Run Equilibrium for Both

question 25

Multiple Choice

Which of the following is true in long-run equilibrium for both perfect competition and monopolistic competition?

• A) Accounting profit is zero.
• B) Marginal cost equals price.
• C) Long-run average cost is at a minimum.
• D) Economic profit is zero in the long-run.

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Definitions:

Chunking

A method of organizing or grouping pieces of information together to improve the efficiency of memory recall.

Forgetting

The loss or change of memory over time, which can involve the inability to recall information, experiences, or skills.

Encoding

The first step in memory; the process by which information gets into memory storage.

Alphabets

A standard set of letters used in writing one or more languages, typically arranged in a fixed order.