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:

Unilateral Damage

Harm or injury to one side of the body or brain, affecting one half of the body or one of a pair of bodily organs.

Spinal Cord

A long, thin, tubular structure made up of nervous tissue, which extends from the medulla oblongata in the brainstem down to the lower back, and is a major part of the central nervous system.

Proprioception

The sense of the relative position of one's own parts of the body and strength of effort being employed in movement.

Temperature

A measure of the hotness or coldness of an object or environment, typically measured in degrees of a specific scale like Celsius or Fahrenheit.