In the long-run equilibrium for a perfectly competitive market, firms will choose the level of output where
a. profit is minimized
b. short-run average total cost is minimized
c. long-run average total cost is minimized
d. short-run profit is maximized
e. long-run average fixed cost is minimized
C
Economics
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If one person has all the income and everyone else has none, the Gini ratio is 1
Indicate whether the statement is true or false
Economics
Assume that your nominal wage was fixed at $15 an hour, and the price index rose from 100 to 105. In this case, your real wage has:
A. Decreased to $10 B. Increased to $15.75 C. Decreased to $14.29 D. Increased to $20
Economics