Which of the Following Is Characteristic of a Firm in a Competitive

question 38

Multiple Choice

Which of the following is characteristic of a firm in a competitive market?

• A) It cannot earn long-run economic profits.
• B) It cannot control its costs.
• C) It does not operate at a socially efficient output level.
• D) It cannot control output quantity.
• E) It can set the price at which its product sells.

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Definitions:

Conference Board of Canada

An independent, applied research organization in Canada focusing on economic trends, public policy issues, and organizational performance.

Management Development Programs

Structured education plans designed to improve the skills and knowledge of managers and potential managers.

Leadership Development

A systematic approach to expanding the performance capability of individuals in leadership roles within an organization.

Top Development Priority

Top Development Priority refers to the most critical area or aspect that requires focus and resources for improvement or advancement within a company or project.