Which of the following is not true in the long run under perfect competition?
A) There is no incentive for firms to enter or exit the industry.
B) Economic profit is zero.
C) Long-run marginal cost is minimized.
D) Long-run average total cost is minimized.
Correct Answer:
Verified
Q130: If the long-run industry supply curve in
Q131: Exhibit 12-9 Q132: Perfectly competitive markets are characterized by: Q133: Which of the following is a characteristic Q134: If input prices rise as industry output Q136: Which of the following is true of Q137: If the typical firm in a perfectly Q138: If a perfectly competitive industry uses a Q139: Exhibit 12-9 Q140: The shape of the long-run industry supply
A) rivalry
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