Which of the Following Characterizes a Firm That Is in Long-Run

question 79

Multiple Choice

Which of the following characterizes a firm that is in long-run perfectly competitive equilibrium where profits are maximized?

• A)Price equals minimum ATC.
• B)Positive economic profit.
• C)Price equals marginal cost.
• D)Price exceeds marginal cost.

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Definitions:

Commitment

The condition of being committed to a purpose, endeavor, or partnership.

Trust

The reliance on the integrity, strength, abilities, or surety of a person or entity.

Cohabitation

Cohabitation with a partner and maintaining a sexual relationship, all outside the institution of marriage.

Remarriage

The act of marrying again after one's marriage has ended through divorce or widowhood, indicating the start of a new marital relationship.