Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In a long-run equilibrium, the marginal firm has a. price equal to average total cost. b. total revenue equal to total cost. c. economic

image

In a long-run equilibrium, the marginal firm has a. price equal to average total cost. b. total revenue equal to total cost. c. economic profit equal to zero. d. All of the above are correct.

Step by Step Solution

3.51 Rating (164 Votes )

There are 3 Steps involved in it

Step: 1

Solution In a Reason In where a long Jong at sun equilibrium t... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Economics Today

Authors: Roger LeRoy Miller

16th edition

132554615, 978-0132554619

More Books

Students also viewed these Economics questions

Question

What is the two-class method?

Answered: 1 week ago