Comparing the Short- Run and Long- Run Profit- Maximizing Positions

question 68

Multiple Choice

Comparing the short- run and long- run profit- maximizing positions of a perfectly competitive firm,which statement is true?

• A)Price will equal marginal cost in the short run,but not necessarily in the long run.
• B)Price should equal average cost in the long run,but not necessarily in the short run.
• C)The firm will produce at minimum average cost in both the short and long run.
• D)The firm may have unexploited economies of scale in both the short run and the long run.
• E)Economic profit may exist in the short run and in the long run.

Recognize the historical evolution of management theories and key contributors.

Comprehend the goals of organizational behaviour and apply them to solve organizational problems.

Explain the concept and practice of evidence-based management.

Understand the human relations movement and its critiques of earlier management approaches.

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Definitions:

Medical Asepsis

The practices used to reduce and prevent the spread of microorganisms and infection, such as handwashing and sanitization.

Sterile Field

An area created to prevent infection during medical procedures by using sterilized equipment and maintaining a clean environment.

Bacteriostasis

The inhibition of the growth and multiplication of bacteria without killing them.

Latex Allergy

An allergic reaction to certain proteins found in natural rubber latex, often leading to symptoms ranging from skin irritation to anaphylaxis.