Which of the following statements is false? a. in a long run equilibrium, margin

Question

Which of the following statements is false? a. in a long run equilibrium, marginal firms make zeroeconomic profit. b.To maximize profit,firms should produce at a level of outputwhere price equals average variable cost. c. The amount of gold in the world is limited. Thereforethe gold jewelry market probably has a long-run supply curve thatis upward sloping. d. Long-run supply curves are typically more elastic thanshort-run supply curves. Which of the following statements is false? a. in a long run equilibrium, marginal firms make zeroeconomic profit. b.To maximize profit,firms should produce at a level of outputwhere price equals average variable cost. c. The amount of gold in the world is limited. Thereforethe gold jewelry market probably has a long-run supply curve thatis upward sloping. d. Long-run supply curves are typically more elastic thanshort-run supply curves.

Explanation / Answer

B is the answer, because a,c, and d are true.

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