Which of the Following Is True in Long-Run Equilibrium for Both

question 67

Multiple Choice

Which of the following is true in long-run equilibrium for both a competitive market and monopolistic competition?

• A) Accounting profit is zero.
• B) Price equals marginal revenue.
• C) Long-run average cost is minimized.
• D) Economic profit is zero.
• E) Productive efficiency is achieved.

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Definitions:

Product Obsolescence

The condition of a product becoming outdated or no longer useful due to advancements in technology, changes in consumer preferences, or market conditions.

Internal Integration

The process of ensuring that different departments and functions within an organization work together smoothly and effectively.

External Image

The perception of an organization or individual by those outside of it, influenced by public relations, media representation, and other external communications.

Shared Philosophies

Commonly held beliefs, values, and ideologies among a group of individuals or within an organization.