Which of the Following Is NOT Correct Concerning Perfectly Competitive

question 87

Multiple Choice

Which of the following is NOT correct concerning perfectly competitive firms in the long run?

• A) Long-run economic profits are zero.
• B) Price equals minimum long-run average cost.
• C) Entrepreneurs earn the opportunity cost of their investment.
• D) The opportunity cost of capital is zero.

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Definitions:

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A unit of measurement for power, traditionally used to quantify the output of engines or motors.

Sum Of Squares

A statistical tool that quantifies the variance within a set of numbers, measuring the dispersion from their mean.

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A discrepancy between a computed or measured value and the true value.

Linear Regression

A statistical method used to model the relationship between a dependent variable and one or more independent variables by fitting a linear equation.