{"id":50756,"date":"2024-04-15T23:14:54","date_gmt":"2024-04-15T23:14:54","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=50756"},"modified":"2024-04-15T23:14:54","modified_gmt":"2024-04-15T23:14:54","slug":"the-conditions-of-long-period-equilibrium-for-a-firm-operating-under-perfect-competition-are-1-mc-mr-2-ac-ar-3-ar-mr-4-ac-mc-select-the-correct-answer","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/the-conditions-of-long-period-equilibrium-for-a-firm-operating-under-perfect-competition-are-1-mc-mr-2-ac-ar-3-ar-mr-4-ac-mc-select-the-correct-answer\/","title":{"rendered":"The conditions of long period equilibrium for a firm operating under perfect competition are 1. MC = MR 2. AC = AR 3. AR = MR 4. AC = MC Select the correct answer"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Only 1&#8243; option2=&#8221;Both 1 and 3&#8243; option3=&#8221;2, 3 and 4&#8243; option4=&#8221;All of the above&#8221; correct=&#8221;option4&#8243;]<!--more--><\/p>\n<p>The correct answer is D. All of the above.<\/p>\n<p>In long-run equilibrium, a firm operating under perfect competition will produce at a point where MC = MR, AC = AR, and AR = MR.<\/p>\n<ul>\n<li>MC = MR: This condition ensures that the firm is producing at the point where marginal revenue is equal to marginal cost. This is the point where the firm is maximizing its profits.<\/li>\n<li>AC = AR: This condition ensures that the firm is producing at the point where average revenue is equal to average cost. This is the point where the firm is covering its average costs and making zero economic profit.<\/li>\n<li>AR = MR: This condition ensures that the firm is producing at the point where average revenue is equal to marginal revenue. This is the point where the firm is maximizing its output.<\/li>\n<\/ul>\n<p>In conclusion, the conditions of long-run equilibrium for a firm operating under perfect competition are MC = MR, AC = AR, and AR = MR.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Only 1&#8243; option2=&#8221;Both 1 and 3&#8243; option3=&#8221;2, 3 and 4&#8243; option4=&#8221;All of the above&#8221; correct=&#8221;option4&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-50756","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The conditions of long period equilibrium for a firm operating under perfect competition are 1. MC = MR 2. AC = AR 3. AR = MR 4. AC = MC Select the correct answer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/the-conditions-of-long-period-equilibrium-for-a-firm-operating-under-perfect-competition-are-1-mc-mr-2-ac-ar-3-ar-mr-4-ac-mc-select-the-correct-answer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The conditions of long period equilibrium for a firm operating under perfect competition are 1. MC = MR 2. AC = AR 3. AR = MR 4. 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MC = MR 2. AC = AR 3. AR = MR 4. AC = MC Select the correct answer","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/the-conditions-of-long-period-equilibrium-for-a-firm-operating-under-perfect-competition-are-1-mc-mr-2-ac-ar-3-ar-mr-4-ac-mc-select-the-correct-answer\/","og_locale":"en_US","og_type":"article","og_title":"The conditions of long period equilibrium for a firm operating under perfect competition are 1. MC = MR 2. AC = AR 3. AR = MR 4. AC = MC Select the correct answer","og_description":"[amp_mcq option1=&#8221;Only 1&#8243; option2=&#8221;Both 1 and 3&#8243; option3=&#8221;2, 3 and 4&#8243; option4=&#8221;All of the above&#8221; correct=&#8221;option4&#8243;]","og_url":"https:\/\/exam.pscnotes.com\/mcq\/the-conditions-of-long-period-equilibrium-for-a-firm-operating-under-perfect-competition-are-1-mc-mr-2-ac-ar-3-ar-mr-4-ac-mc-select-the-correct-answer\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-15T23:14:54+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/the-conditions-of-long-period-equilibrium-for-a-firm-operating-under-perfect-competition-are-1-mc-mr-2-ac-ar-3-ar-mr-4-ac-mc-select-the-correct-answer\/","url":"https:\/\/exam.pscnotes.com\/mcq\/the-conditions-of-long-period-equilibrium-for-a-firm-operating-under-perfect-competition-are-1-mc-mr-2-ac-ar-3-ar-mr-4-ac-mc-select-the-correct-answer\/","name":"The conditions of long period equilibrium for a firm operating under perfect competition are 1. 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