When a perfectly competitive firm is in long-run equilibrium:
A) its total revenues equal the sum of its total explicit and implicit costs costs.
B) the firm is operating at the minimum of its LRAC curve.
C) the firm is earning zero economic profit.
D) All of the above.
D
Economics
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___________ is the study of the determination of an equilibrium price and quantity in a given product or input market that is self-constrained and independent of other markets
Fill in the blank(s) with the appropriate word(s).
Economics
The production function shows that as employment increases, real GDP
A) increases until it reaches potential GDP and then it starts to decrease. B) increases at a decreasing rate. C) decreases at a decreasing rate. D) increases at an increasing rate. E) increases at a constant rate.
Economics