The following is the set of conditions is necessary for ________ for a perfectly competitive firm: P = SRMC = SRAC = LRAC.
A. long-run profit
B. long-run production with economic losses
C. long-run equilibrium
D. short-run shut down
Answer: C
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During the entire period of 1820–1920, there were persistent trends in the structure of American foreign trade. They exhibited
(a) a decrease in imported finished manufactures and an increase in exported finished manufactures. (b) an increase in the exports of crude materials and foodstuffs and a decline in their importation. (c) increases in both imports and exports of manufactured goods and foodstuffs. (d) no exports or imports.
Declining cost industries
a. have upward rising AC curves. b. have upward rising demand curves. c. have ?-shaped total costs. d. have diseconomies of scale. e. have marginal cost curves below their average cost curve.