Examlex
Which one of the following is NOT one of the broad categories of performance audits?
Long-Run Equilibrium
A situation in which, after all adjustments have been made, all firms in a perfectly competitive market earn zero economic profit and no firm has an incentive to change its output.
Market Price
The existing rate at which a product or service may be purchased or sold within a market environment.
Competitive Market
A market structure where many firms offer products or services that are similar, leading to high levels of competition.
Perfectly Competitive
A market structure characterized by a large number of small firms, homogenous products, and free entry and exit, leading to optimal distribution of resources.
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