Does a competitive long-run equilibrium require cost-minimization?
A) Yes, if firms fail to be as efficient as their competitors, they are driven out of the market.
B) No, in the long run, firms make zero profits.
C) Yes, if they didn't, even less efficient firms would enter the industry.
D) No, because competition ensures their survival.
A
Economics
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The property of _____ implies that a consumer always prefers to consume more of either good, holding the consumption of the other good constant
a. monotonicity b. transitivity c. relativity d. reflexivity
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