Which of the following is a characteristic of a perfectly competitive industry in long-run equilibrium?
A) A profit-maximizing firm may produce any output level at which P < LRATC.
B) Every firm produces at an output level at which MC > LRATC.
C) Firms will continue to enter or exit the industry.
D) No firm earns an economic profit.
E) Every firm earns an economic profit.
Correct Answer:
Verified
Q66: A profit-maximizing, perfectly competitive firm would never
Q67: Figure 7-8 shows a firm in a
Q68: Which of the following statements is true
Q69: Which of the following is true of
Q70: Figure 7-4 shows the relationship between the
Q72: If a perfectly competitive industry is neither
Q73: Under perfect competition, in long-run equilibrium, _.
A)price
Q74: A firm receives $10 per unit at
Q75: Figure 7-5 shows cost and revenue curves
Q76: A perfectly competitive firm cannot make economic
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