Long-run equilibrium for a perfectly competitive firm occurs when _____
A) price (P) = marginal cost (MC) = short-run average total cost (SRATC) = long-run average cost (LRAC) .
B) marginal cost (MC) = marginal revenue (MR) = average fixed cost (AFC) = short-run average total cost (SRATC) .
C) marginal cost (MC) = marginal revenue (MR) = price (P) > long-run average cost (LRAC) .
D) price (P) = marginal revenue (MR) = long-run average variable cost (LRAVC) = long-run average cost (LRATC) .
E) marginal cost (MC) = marginal revenue (MR) = average fixed cost (AFC) = long-run average cost (LRAC) .
Correct Answer:
Verified
Q6: The relationship between price and quantity supplied
Q121: The short-run equilibrium in a perfectly competitive
Q122: If a perfectly competitive firm is in
Q123: A decline in market demand in a
Q124: A constant-cost industry is one _
A)whose average
Q127: If new firms enter a perfectly competitive
Q128: Perfectly competitive firms will leave the industry
Q129: In the long run,the entry of new
Q130: Suppose an increase in population increases the
Q131: The long-run supply curve for a constant-cost
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