Which of the Following Is True in a Long-Run Competitive

question 46

Multiple Choice

Which of the following is true in a long-run competitive equilibrium?

• A)Price is greater than average total cost.
• B)Profits are greater than zero.
• C)Marginal cost is greater than average total cost.
• D)Market supply is greater than market demand.
• E)There is no incentive to enter or exit the industry.

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Definitions:

Ongoing Basis

A term indicating that an action or process is continuous or repeatedly occurs at regular intervals.

Changes Rolled Out

This refers to the implementation or release of new policies, systems, or updates within an organization.

QuickBooks Online

A cloud-based accounting software designed for small to medium-sized businesses to manage sales, expenses, and keep track of daily transactions.

Financial Services

A broad category that includes businesses and activities aimed at managing money, such as banking, investment, insurance, and real estate services.