Refer to the diagrams, which pertain to a purely competitive firm producing output q and the industry in which it operates. Which of the following is correct?
A)The diagrams portray neither long-run nor short-run equilibrium.
B)The diagrams portray both long-run and short-run equilibrium.
C)The diagrams portray short-run equilibrium but not long-run equilibrium.
D)The diagrams portray long-run equilibrium but not short-run equilibrium.

Question

Refer to the diagrams, which pertain to a purely competitive firm producing output q and the industry in which it operates. Which of the following is correct?
A)The diagrams portray neither long-run nor short-run equilibrium. 
B)The diagrams portray both long-run and short-run equilibrium. 
C)The diagrams portray short-run equilibrium but not long-run equilibrium. 
D)The diagrams portray long-run equilibrium but not short-run equilibrium.

Quizplus · Accepted Answer

The Answer of  Refer to the diagrams, which pertain to a purely competitive firm producing output q and the industry in which it operates. Which of the following is correct?
A)The diagrams portray neither long-run nor short-run equilibrium. 
B)The diagrams portray both long-run and short-run equilibrium. 
C)The diagrams portray short-run equilibrium but not long-run equilibrium. 
D)The diagrams portray long-run equilibrium but not short-run equilibrium.

Refer to the Diagrams, Which Pertain to a Purely Competitive