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Q. |
When a purely competitive firm is in long-run equilibrium, price is equal to: |
A. | marginal cost, but may be greater or less than average cost. |
B. | minimum average cost, and also to marginal cost. |
C. | minimum average cost, but may be greater or less than marginal cost. |
D. | marginal revenue, but may be greater or less than both average and marginal cost. |
Answer» B. minimum average cost, and also to marginal cost. |
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