JAMB Economics 2022 Objective — Question 35
Question 35 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2022 Objective paper, with the correct answer and a full explanation.
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Under perfect competition, the long-run equilibrium requires
- A. MR=MC
- B. MR=AC=AR
- C. MR>MC
- D. MC=AR=ACCorrect
Explanation
In the long run, a perfectly competitive market will be in equilibrium where MR=MC=AR=AC (marginal revenue = marginal cost = average revenue = average cost).
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