The long-run equilibrium condition for firms that operate in perfect competition is

a. P = AVC = MR = MC
b. P = ATC = MR = MC
c. Q = AVC = MR = MC
d. Q = ATC = MR = MC
e. TR = ATC = MR = MC


B

Economics

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Look at the following data: The structural unemployment rate is 4 percent, the natural unemployment rate is 5 percent, and the cyclical unemployment rate is 3 percent. The frictional unemployment rate is ____________ percent and the actual unemployment rate is __________ percent.

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What will be an ideal response?

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Why is it important that a firm have market power if it wishes to engage in price discrimination?

What will be an ideal response?

Economics