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In reference to the long-run firm competitive equilibrium diagram, which of the following statements ...

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In reference to the long-run firm competitive equilibrium diagram, which of the following statements ...

In reference to the long-run firm competitive equilibrium diagram, which of the following statements is INCORRECT?

• In the long run, the firm operates where price, marginal revenue, marginal cost, short-run minimum average cost, and long-run minimum average cost all are equal.

• In the long run, the firm has no incentive to alter its scale of operations.

• Because profits must be zero in the long run, the firm's short-run average costs (SAC) must equal P at Qe, which occurs at minimum SAC.

• In the long run, this firm must be part of a constant-cost industry, because its marginal revenue curve is perfectly elastic.

Textbook

Economics Today: The Micro View

Edition: 19^th

Author: Miller

Read 57 times

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ShaeTime3

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More solutions for this book are available here

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spruckj Author

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I appreciate what you did here, answered it correctly Smiling Face with Open Mouth

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