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spruckj spruckj
wrote...
Posts: 435
5 years ago
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

Economics Today: The Micro View


Edition: 19th
Author:
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ShaeTime3ShaeTime3
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Posts: 368
5 years ago
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spruckj Author
wrote...
5 years ago
I appreciate what you did here, answered it correctly Smiling Face with Open Mouth
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