Figure 11-5
-Refer to Figure 11-5. Long-run equilibrium positions occur at points
A) a and d.
B) a and b.
C) c and d.
D) b and d.

Name: Figure 11-5 -Refer to Figure 11-5. Long-run equilibrium positions occur at points A) a and d. B) a and b. C) c and d. D) b and d.
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Question

Figure 11-5 
-Refer to Figure 11-5. Long-run equilibrium positions occur at points
A) a and d. 
B) a and b. 
C) c and d. 
D) b and d.

Quizplus · Accepted Answer

In long-run equilibrium, firms operate where marginal cost equals marginal revenue, typically at the minimum point of the average total cost curve. Points a and d represent these conditions.

Figure 11-5 -Refer to Figure 11-5. Long-Run Equilibrium Positions Occur at Points