When a Perfectly Competitive Industry Is in Long-Run Equilibrium,its Firms

question 285

Multiple Choice

When a perfectly competitive industry is in long-run equilibrium,its firms:

• A)earn more than zero economic profits.
• B)combine their variable and fixed resources inefficiently.
• C)are not in short-run equilibrium.
• D)allocate all of their resources efficiently.

---

Definitions:

Creeper

A low, wheeled platform on which a person lies to move easily under vehicles for inspection or repair.

Pneumatic-Hydraulic

A system that utilizes both air (pneumatic) and fluid pressure (hydraulic) to transmit power.

Electric-Hydraulic

A system that uses electric power to assist the hydraulic operations in a vehicle, enhancing efficiency.

Nitrile Gloves

Protective gloves made from nitrile rubber, resistant to oils, chemicals, and puncture, commonly used in medical and automotive work.