Which of the following is not true in a long-run perfectly competitive equilibrium?
A) , where P is market price and MC is the marginal cost of a firm.
B) , where P is market price and AC is the average cost of a firm.
C) , where is the supply of an individual firm,
is the number of firms in the industry, and Qd is the market demand for a product.
D) Firms may earn negative profits.
Correct Answer:
Verified
Q41: For an individual firm operating in the
Q43: Producer surplus is:
A)always equal to zero for
Q45: Producer surplus for an individual firm is:
A)total
Q47: Identify the truthfulness of the following statements.
Q49: In the long run, free entry drives
Q50: Each firm in a perfectly competitive market
Q51: In a perfectly competitive, increasing-cost industry in
Q56: Economic rent can be defined as:
A)always the
Q56: For an entire perfectly competitive industry, which
Q60: Producer surplus for an entire market is:
A)the
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