Because barriers to entry are low in competitive price serarcher markets, in the

Question

Because barriers to entry are low in competitive price serarcher markets, in the long run, a firms price will be equal to A. Marginal Revenue B Average variable cost C Average total cost D average fixed cost
In order to prosper, entrepreneurs must A undertake projects that create wealth and increase the value of resources B slow technological change and development of new products in their industry C undertake projects that use resources that are more valuable than the output they produce D have their own wealth with which to finance projects that they want to undertake Because barriers to entry are low in competitive price serarcher markets, in the long run, a firms price will be equal to A. Marginal Revenue B Average variable cost C Average total cost D average fixed cost
In order to prosper, entrepreneurs must A undertake projects that create wealth and increase the value of resources B slow technological change and development of new products in their industry C undertake projects that use resources that are more valuable than the output they produce D have their own wealth with which to finance projects that they want to undertake Because barriers to entry are low in competitive price serarcher markets, in the long run, a firms price will be equal to A. Marginal Revenue B Average variable cost C Average total cost D average fixed cost
In order to prosper, entrepreneurs must A undertake projects that create wealth and increase the value of resources B slow technological change and development of new products in their industry C undertake projects that use resources that are more valuable than the output they produce D have their own wealth with which to finance projects that they want to undertake

Explanation / Answer

The correct choice is C

Explanation : - In the long run, the perfectly competitive firm will produce at the quantity where price equals marginal cost equals average total cost; this is also the point where the firm is producing at its minimum average total cost.

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The correct choice is A

Explanation : - To prosper, entrepreneurs must convert and rearrange resources in a manner that will increase their value.

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