Which of the Following Is NOT a Characteristic of Long-Run

question 96

Multiple Choice

Which of the following is NOT a characteristic of long-run equilibrium for a perfectly competitive firm?

• A)Price is greater than long-run average cost.
• B)Price is equal to long-run marginal cost.
• C)Economic profit is zero.
• D)The firm produces the output level at which long-run average cost is at its minimum.

Distinguish between different techniques of gaining compliance and their applications in real life.

Understand the influence of stereotypes, prejudice, and attraction in social relationships.

Describe the impact of persuasive communication and fear-based messages on attitude change.

Explain the concepts of intergroup conflict and the strategies used to reduce prejudice and enhance group cohesion.

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Definitions:

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, as the scale of production and the quantity of output increase.

Price Discrimination

A pricing strategy where a seller charges different prices for the same product or service to different consumers, based on market segments, capacity to pay, or purchasing contexts.

Monopoly Power

The ability of a monopolist to significantly control market price or exclude competition in a particular market.

Price Discrimination

A pricing strategy where identical or substantially similar goods or services are sold at different prices to different buyers.