Which of the Following Conditions Is True of a Perfectly

question 1

Multiple Choice

Which of the following conditions is true of a perfectly competitive industry when it is in long-run equilibrium?

• A)Firms are entering the industry.
• B)Firms are exiting the industry.
• C)Price equals minimum short-run average total cost for all firms.
• D)Accounting profits for all firms are zero.
• E)Firms are experiencing increasing returns to scale.

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Definitions:

Works Council

Employee representation bodies within a workplace that consult with management on issues affecting workers, common in many European countries.

Labor Relations

The study and practice of managing relationships between employers and their workforce, often involving labor unions, collective bargaining, and labor laws.

Centralized System

A system where decision-making authority is concentrated at a single point or within a limited structure, often at the top levels of an organization or government.

Arbitration Awards

The binding rulings issued by arbitrators that conclusively resolve the dispute between parties.