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18 Aug 2020
Whether a purely competitive industry is a constant-cost industry or an increasing-cost industry, the final long-run equilibrium position of all competitive firms share which of the following characteristics?
a) In the long run, multiple equality occurs where price equals marginal cost which equals the minimum average total cost.
b) In the long run, multiple equality occurs where price equals marginal revenue which equals the minimum average total cost.
c) Price or marginal revenue will settle where it is equal to the minimum average total cost.
Whether a purely competitive industry is a constant-cost industry or an increasing-cost industry, the final long-run equilibrium position of all competitive firms share which of the following characteristics?
a) In the long run, multiple equality occurs where price equals marginal cost which equals the minimum average total cost.
b) In the long run, multiple equality occurs where price equals marginal revenue which equals the minimum average total cost.
c) Price or marginal revenue will settle where it is equal to the minimum average total cost.
b) In the long run, multiple equality occurs where price equals marginal revenue which equals the minimum average total cost.
c) Price or marginal revenue will settle where it is equal to the minimum average total cost.
Insha FatimaLv10
30 Sep 2020
