Multiple Choice
Which of the following conditions is true of a perfectly competitive industry when it is in long-run equilibrium?
A) Firms are entering the industry.
B) Firms are exiting the industry.
C) Price equals minimum short-run average total cost for all firms.
D) Accounting profits for all firms are zero.
E) Firms are experiencing increasing returns to scale.
Correct Answer:
Verified
Correct Answer:
Verified
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