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Which of the following is NOT a characteristic of long-run equilibrium for a perfectly competitive firm? Select one:
a. The firm produces the output level at which long-run average cost is at its minimum.
b. Price is greater than long-run average cost.
c. Price is equal to long-run marginal cost.
d. Economic profit is zero.

Respuesta :

agustinsr99

Answer: "b. Price is greater than long-run average cost." is NOT characteristic of long-run equilibrium for a perfectly competitive firm.

Explanation: In the long term the company will produce the output level at which long-run average cost is at its minimum.

Where the price is equal to the long-run marginal cost and the long-run average cost.

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