(Figure: Comparing Long-Run Equilibriums) Use Figure: Comparing Long-Run Equilibriums.Which statement is FALSE?

A) Firms in panel (a) cannot have profits in the long run,but those in panel (b) can.
B) Both panels show markets in which firms are covering all of their implicit and explicit costs.
C) Firms in the market shown in panel (a) produce identical products,whereas those in panel (b) produce similar but differentiated products.
D) Both firms show markets that have many firms.

Long-Run Equilibriums

A state in which all factors of production and market forces are balanced and economic variables are not expected to change.

Implicit And Explicit Costs

Implicit costs are the opportunity costs of using resources that a firm already owns, while explicit costs are direct payment outflows for purchasing productive resources.

Differentiated Products

Goods or services that are distinguished from one another by quality, features, branding, or other attributes that consumers may perceive as unique or valuable.