In Long-Run Perfectly Competitive Equilibrium, Which of the Following Is

question 52

Multiple Choice

In long-run perfectly competitive equilibrium, which of the following is false?

• A)There is efficient, low-cost production at the minimum efficient scale.
• B)Economic surplus is maximized.
• C)Firms earn economic profit.
• D)Economies of scale are exhausted.

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Definitions:

Normally Distributed Random Variable

A variable that follows a normal distribution, characterized by its bell-shaped curve, where its mean, median, and mode coincide.

Standard Deviation

A measure that quantifies the amount of variation or dispersion of a set of data values from the mean.

Standard Normal Random Variable

A special case of the normal distribution with a mean of zero and a standard deviation of one.

Probability

The measure of the likelihood that an event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.