Which of the following is NOT a characteristic of long-run equilibrium for a perfectly competitive firm? Possible answers A) Price is greater than long-run average cost B) Price is equal to long-run marginal cost C) Economic profit is zero D)The firm produces the output level at which long-run average cost is at its minimum

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A: Hi, thank you for the question. As per our Honor Code, we can attempt only the first three subparts…

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Q: Which of the following is NOT a characteristic of a perfectly competitive market?    Question 2…

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A: TC=712+q2Now,AC=TCqAC=712q+q

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Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.