Under Perfect Competition, in Long-Run Equilibrium, _____.​

question 52

Multiple Choice

Under perfect competition, in long-run equilibrium, _____.​

• A)price will equal minimum average fixed cost
• B)firms will earn economic profits because of the existence of barriers to entry
• C)the demand curve facing individual firms will fall to the level tangent to the minimum average total cost curve
• D)firms will produce at the level of output where marginal revenue exceeds marginal cost by the greatest dollar amount
• E)each firm will produce and supply equal amount of good

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Definitions:

Ambiguous Pronoun References

A situation where a pronoun can refer to two or more antecedents, creating confusion about its meaning.

Euphemism

A mild or indirect word or expression used in place of one considered to be too harsh or blunt when referring to something unpleasant or embarrassing.

Shoptalk

Industry-specific language or jargon used by professionals within a particular field.

Guidelines

Recommended practices or instructions designed to steer actions or processes in a particular direction.