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Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

If the perfectly competitive price is currently below minimum average total cost, we can expect which of the following events in the long run?

category

economics

options

  1. Market equilibrium quantity will increase as firms exit the industry.
  2. The price will fall to the breakeven point as firms enter the industry.
  3. The industry will remain in a state of disequilibrium.
  4. The price will rise to the breakeven point as firms exit the industry.
  5. Nothing. The industry is currently in long-run equilibrium.
  6. Market equilibrium quantity will decrease as firms enter the industry.
  7. The price will stay the same as firms exit the industry.
  8. The price will fall further as firms enter the industry.
  9. The price will rise and each firm's output will increase as firms enter the industry.
  10. The price will rise and each firm's output will fall as firms exit the industry.

src

ori_mmlu-high_school_microeconomics

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Source and history

upstream_id / Original problem ID
7243
task_id
d066a75b-b8aa-5ec4-928e-70c234eab26d
task_key
default--test--7243
task_revision_id
1
config / split
default / test

Official source

initial import