Which of the following is true of long-run equilibrium in a perfectly competitive market?
a. At the profit-maximizing price, average total cost is at its lowest

b. At the profit-maximizing price, marginal cost is at its lowest.
c. At the profit-maximizing price, average total cost is rising.
d. At the profit-maximizing price, average total cost exceeds marginal cost.

a

Economics

You might also like to view...

Refer to the scenario above. John should submit a bid of ________

A) $400 B) $300 C) $100 D) $200

View
Economics

When marginal cost is greater than average cost, average cost decreases as output increases

Indicate whether the statement is true or false

View
Economics