Long-Run Equilibrium for a Perfectly Competitive Firm Occurs When:​

question 131

Multiple Choice

Long-run equilibrium for a perfectly competitive firm occurs when:​

• A)Price (P) = Marginal cost (MC) = Short-run average total cost (SRATC) = Long-run average cost (LRAC).
• B)Marginal cost (MC) = Marginal revenue (MR) = Average fixed cost (AFC) = Short-run average total cost SRATC.
• C)Marginal cost (MC) = Marginal revenue (MR) = Price (P) > Long-run average cost (LRAC).
• D)Price (P) = Marginal revenue (MR) = Long-run average variable cost (LRAVC) = Long-run average cost (LRATC).
• E)Marginal cost (MC) = Marginal revenue (MR) = Average fixed cost (AFC) = Long-run average cost (LRAC).

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Definitions:

Cultural Dimensions

Conceptual frameworks that describe the impact of a society’s culture on the values of its members, and how these values relate to behavior.

Collectivism Group

A societal or organizational culture that emphasizes the priority of group goals over individual goals and values interdependence among its members.

GLOBE Model

A framework used in cross-cultural psychology and management to understand the impact of culture on various aspects of leadership and organizational behavior.

Cultural Dimensions

Frameworks for understanding the varying psychological, social, and cultural factors that influence different societies and organizations.