Multiple Choice
Which of the following conditions does not characterize long-run competitive equilibrium?
A) Economic profit is zero.
B) Price is greater than marginal cost.
C) No firm has an incentive to change its plant size.
D) No firm has an incentive to produce more or less output.
Correct Answer:
Verified
Correct Answer:
Verified
Q171: If, for a perfectly competitive firm, price
Q172: Exhibit 22-9<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 22-9
Q173: In the theory of perfect competition,<br>A)sellers of
Q174: A perfectly competitive firm is a price
Q175: Exhibit 22-3<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 22-3
Q177: List and describe the four assumptions that
Q178: When a firm produces the quantity of
Q179: Exhibit 22-1<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 22-1
Q180: Exhibit 22-8<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 22-8
Q181: The price charged by a perfectly competitive