A Step Sequence Is Terminating When ___________________________

question 48

Multiple Choice

A step sequence is terminating when ___________________________

• A) there are precise instructions for what to do at each step and where to go next.
• B) it will eventually come to an end.
• C) it can be documented.
• D) it can be carried out in practice.

---

Definitions:

Long-Run Equilibrium

Long-run equilibrium occurs in a market when all firms earn normal profits, and no new firms have an incentive to enter or exit, resulting in market stability over time.

Average Total Cost

The cost of producing each unit, calculated by dividing the overall production expenses by the quantity of units manufactured.

Normal Profit

The minimum level of profit needed for a company to remain competitive in the market, factoring in the cost of opportunity.

Long-Run Equilibrium

A state in which all factors of production and costs are variable, and firms in a competitive market make just enough profit to cover their costs.