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:

Decision Maker

An individual responsible for making choices or deciding on matters within a specific context, such as healthcare or business.

Splint

A device used to support, immobilize, or protect a limb, bone, or joint that is injured.

Independent Intervention

Actions taken by a healthcare provider autonomously to address a patient's health needs, without the need for physician's orders.

Ensures Clarity

The action or process of ensuring that something is easily understandable and free from confusion or ambiguity.