Solved

When a Perfect Competitive Industry Is in Long-Run Equilibrium

Question 71

Multiple Choice

When a perfect competitive industry is in long-run equilibrium,


A) firms have no incentive to enter or exit the industry.
B) market price is equal to minimum long-run average cost.
C) each firm earns a normal return.
D) both a and c
E) all of the above

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q66: Below,the graph on the left shows long-run

Q67: Consider a competitive industry and a price-taking

Q68: Below,the graph on the left shows long-run

Q69: The table below shows a competitive firm's

Q70: A consulting company estimated market demand and

Q72: In a competitive market characterized by increasing

Q73: Suppose that a perfectly competitive industry is

Q74: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2562/.jpg" alt=" The figure above

Q75: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2562/.jpg" alt=" The graph above

Q76: The graph below shows demand and marginal