Which of the following statements concerning equilibrium in the long run is NOT correct?
A) Firms are able to vary their plant sizes in the long run.
B) Firms will exit the industry if economic profits equal zero.
C) The market price equals both marginal cost and average total cost.
D) Economic profits are eliminated as new firms enter the industry.
Correct Answer:
Verified
Q108: In long-run equilibrium, at what output level
Q109: FIGURE 8-9 Q110: The long-run total cost schedule of a Q111: FIGURE 8-9 Q112: Which of the following best describes a Q114: What action might perfectly competitive firms making Q115: In long-run equilibrium, where does the perfectly Q116: The long-run total cost schedule of a Q117: The long-run total cost schedule of a Q118: The long-run total cost schedule of a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents