Multiple Choice
Price equals the minimum of long-run average cost
A) in a long-run equilibrium.
B) in a short-run equilibrium as well as in a long-run equilibrium.
C) whenever average revenue equals marginal cost.
D) along a horizontal long-run supply curve, but not along an upward sloping long-run supply curve.
Correct Answer:
Verified
Correct Answer:
Verified
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