Which of the following is NOT necessarily true about the long-run equilibrium of a perfectly competitive market? Price equals marginal cost Accounting profits are zero Economic profits are zero Firms produce at efficient scale

Which of the following is NOT necessarily true about the long-run equilibrium of a perfectly competitive market? Price equals marginal cost Accounting profits are zero Economic profits are zero Firms produce at efficient scale

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Perefect Competition

Section7.5: Long-run Supply Curves Under Perfect Competition

Problem 1YTE

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Question

Which of the following is NOT necessarily true
about the long-run equilibrium of a perfectly
competitive market?
Price equals marginal cost
Accounting profits are zero
Economic profits are zero
Firms produce at efficient scale

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