In Long-Run Competitive Equilibrium It Is Possible for Firm Owners

question 92

Multiple Choice

In long-run competitive equilibrium it is possible for firm owners to

• A)earn economic profit but not rent.
• B)earn rent but not economic profit.
• C)earn both economic profit and rent.
• D)both b and c
• E)either a,b,or c

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Definitions:

Job Enrichment

A process that enhances job satisfaction by integrating meaningful and fulfilling tasks into an employee's role.

Productive Work Force

A group of employees who are efficiently achieving their tasks and contributing positively to the organization's goals.

Job Specialization

The process of focusing one's occupational concentration on a specific area of expertise, allowing for increased efficiency and skill development in that area.

Performance-based Reward

A compensation system where employees are paid based on their performance levels, achieving specific goals, or meeting certain benchmarks.