Long- run equilibrium in a perfectly competitive industry is characterized by
A) an output level at which firms' SRATC curves are tangent to the downward sloping portion of their LRAC curves.
B) internal economies of scale.
C) falling costs.
D) rising costs.
E) each firm producing at the minimum point on its LRAC curve.
Correct Answer:
Verified
Q21: A perfectly competitive firm's demand curve
A)is downward
Q22: For a given market price,a competitive firm's
Q23: Which of the following producers operate in
Q24: If a perfectly competitive firm produces at
Q25: If a perfectly competitive market is in
Q27: The term "perfect competition" refers to
A)cutthroat competition
Q28: An example of a product that could
Q29: Consider the following short- run cost curves
Q30: Consider the following cost curves for Firm
Q31: FIGURE 9- 1 
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