For a perfectly competitive firm at its long-run equilibrium
A) P = MR = MC = AC.
B) P = MR > MC.
C) accounting profit must be zero.
D) there are no opportunity costs to be concerned with.
A
You might also like to view...
Which of the following provides the clearest example of human capital?
A) Automated equipment that can be used without any accompanying human labor B) Corporate stock owned by individuals and families rather than institutions such as mutual funds or corporations C) Machinery that has been designed and constructed by human beings D) Tools that cannot be used effectively except in combination with workers E) The ability to read
Which of the following correctly identifies a problem with price regulation?
A) It minimizes social surplus. B) It minimizes consumer surplus. C) Sellers do not have an incentive to cut costs. D) Government intervention increases deadweight loss.