Which of the Following Is Not True in the Long

question 139

Multiple Choice

Which of the following is not true in the long run under perfect competition?

• A) There is no incentive for firms to enter or exit the industry.
• B) Economic profit is zero.
• C) Long-run marginal cost is minimized.
• D) Long-run average total cost is minimized.

Apply the principles of competitive cost minimization to firm operation models.

Recognize the relationship between production function features and cost function characteristics.

Evaluate the effect of fixed costs, variable costs, and total costs on firm decisions.

Understand the concept of returns to scale and its impact on production and cost.

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