Ask Question
BusinessBusiness
1 March, 08:40

In the long run for a competitive firm,

a. the firm is making economic profits.

b. the marginal cost is greater price.

c. the firm is at the bottom of its short run average cost curve.

d. the firm is at the top of its long run average cost curve.

+1
Answers (1)
  1. 1 March, 10:23
    0
    The correct answer is letter "C": the firm is at the bottom of its short run average cost curve.

    Explanation:

    Competitive firms are companies that accept the equilibrium price of a given good or service within a market. If they try to raise the price, they will not be able to sell their products. It is said that in the long term a competitive firm is at the bottom of its short-run average cost curve because it portraits the most efficient level of production. That curve shows the optimal least-cost input combination for producing output.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “In the long run for a competitive firm, a. the firm is making economic profits. b. the marginal cost is greater price. c. the firm is at ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Identify which of the following statements are true for the corporate form of organization. (You may select more than one answer.) a) Ownership rights cannot be easily transferred. b) Ownership rights cannot be easily transferred.
Answers (1)
Brandon Company's net income last year was $65,000 and its interest expense was $20,000. Total assets at the beginning of the year were $640,000 and total assets at the end of the year were $690,000. The company's income tax rate was 30%.
Answers (1)
Suppose the growth of production in Country A follows Harrod-Domar Model. Country A has 100 people (labors) in Year 1. The capital K in Year 1 is 60. The incremental capital-output ratio v = 5 and the constant savings rate s = 0.1.
Answers (1)
If the CPI was 72.6 in 1979 and 144.5 in 1993, by what percentage did prices rise during the period 1979-1999?
Answers (1)
On June 2, 2019, Harold's TV Sales sold Richard a large HD TV, on account, for $12,000. Harold's TV Sales uses the accrual method. In 2020, when the balance on the account was $8,000, Richard filed for bankruptcy.
Answers (1)
New Questions in Business
Larance Detailing's cost formula for its materials and supplies is $2,230 per month plus $1 per vehicle. For the month of November, the company planned for activity of 75 vehicles, but the actual level of activity was 25 vehicles.
Answers (1)
In need of extra cash, Troy and Lily decide to withdraw $2 comma 100 from their traditional IRA. They are both 40 years old. They are in a 35 % marginal tax bracket. What will be the tax consequences of this withdrawal?
Answers (1)
When the price of hot dogs is $1.50 each, 500 hot dogs are sold every day. After the price falls to $1.35 each, 510 hot dogs are sold every day. At the original price, what is the price elasticity of demand for hot dogs?
Answers (1)
What type of trend is caused by changes in the characteristics of a population? A. A style trend B. A competitive trend C. A lifestyle trend D. A demographic trend
Answers (1)
Identify each value as either intrinsic or extrinsic. friendship income peace satisfaction health insurance
Answers (1)
Home » Business » In the long run for a competitive firm, a. the firm is making economic profits. b. the marginal cost is greater price. c. the firm is at the bottom of its short run average cost curve. d. the firm is at the top of its long run average cost curve.
Sign Up Forgot Password?