If a perfectly competitive industry is in long-run equilibrium, which of the following is most likely to be true
A) some firms can be expected to leave the industry.
B) individual firms are not operating at the minimum points on their average total cost curves.
C) firms are earning a return on investment that is equal to their opportunity costs.
D) some factors are not receiving a return equal to their opportunity costs.
Correct Answer:
Verified
Q1: A market is clearly NOT perfectly competitive
Q3: Which of the following is NOT a
Q4: Which of the following statements is true,
Q5: A firm under perfect competition will maximize
Q6: The short-run supply curve of a firm
Q7: In perfect competition the shutdown point is
Q8: A monopoly is a _
A)price taker
B)price accepter
C)price
Q9: A monopoly is a _, therefore the
Q10: As output increases in a monopoly, the
Q11: Marginal revenue in a monopoly is:
A)always greater
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