Choose the Statement That Best Compares the Long-Run Equilibrium of a Competitive

question 117

Multiple Choice

Choose the statement that best compares the long-run equilibrium of a competitive industry with that in a monopolized industry (with a single price) .

• A)Resources will be allocated efficiently in both the competitive and monopolized industries.
• B)Allocative efficiency will be achieved in the competitive,but not the monopolized industry.
• C)Allocative efficiency is not possible in either industry.
• D)Allocative efficiency will be achieved in the monopolized,but not the competitive industry.
• E)It is not possible to make this comparison because firms in a competitive industry operate only in the short run.

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Definitions:

Self-Managing Teams

Groups of employees tasked with planning, coordination, and managing their own activities without the direct supervision of a manager.

Diagnostic Process

A systematic approach to identifying and understanding problems, symptoms, or conditions, commonly used in technical, medical, and business contexts.

Team Building

The process of enhancing social relations and defining roles within teams, often involving collaborative tasks aimed at improving team performance and cohesion.

Team Building

The process of creating stronger and more cohesive groups through various activities and strategies aimed at enhancing teamwork.