Question 1 (2 points) ✓ Saved Assume we are looking at a competitive market with identical firms. Which of the following will be true for the firms operating in the long run equilibrium? (select all that apply) firms will set an output level where marginal cost is equal to the market price there are likely to only be one or two firms in the market firms will make a profit that is at least as large as total costs firms will have both fixed and variable costs firms will be operating at the minimum of the average total cost curve

Explain how can you avoid conflict by adjusting

Large public water and sewer companies often become monopolies because they benefit from although the company faces high start-up costs, the firm experiences average production costs as it expands and adds more customers. smaller competitors would experience average costs and would be less

An important source of public scrutiny is "watchdogs." these are: the efforts of a firm's competitors, including how often the competitors attack the firm's strategies. taxpayer-supported government agencies that limit a firm's ability to compete in foreign markets. companies designated by the government to only produce products that support the government defense program. socially conscious groups that make it their mission to measure the social responsibility levels of businesses, and provide consumers with their opinions about the level of corporate responsibility of various companies.