[Solved] Which of the Following Is Not a Characteristic of Long-Run

Question 17
Multiple Choice

Which of the following is NOT a characteristic of long-run equilibrium for a perfectly competitive firm?

A) Price is greater than long-run average cost.
B) Price is equal to long-run marginal cost.
C) Economic profit is zero.
D) The firm produces the output level at which long-run average cost is at its minimum.

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