MicroEconomics ????

Question

Which market structure will the long-run equilibrium price be equal to marginal cost?

a.monopolistic competition

b.pure monopoly

c.pure competition

d.oligopoly

Answer 1

c. pure competition

Answer 2

pure competition

Answer 3

c. pure competition is right one - Under pure competition conditions MR=AR=P so following profit maximization rule MR=MC we get this MC=P=MR=AR

Answer 4

Pure Competition or so we are told , just remember what the

modern father of Micro Economics thought said-

The only function of economic forecasting is to make astrology look respectable.    John Kenneth Galbraith