A Necessary Condition for an Industry to Be in Long-

question 39

Multiple Choice

A necessary condition for an industry to be in long- run competitive equilibrium is:

• A)each firm's profit is positive, but very small.
• B)the firm's short- and long- run marginal costs are equal.
• C)consumers' surplus is maximized.
• D)total revenue is greater than LTC for each firm.

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Definitions:

Accessibility

The ease with which information, services, or facilities can be reached or used by people.

Meditation

A practice where an individual uses a technique, such as mindfulness, or focusing the mind on a particular object, thought, or activity, to achieve a mentally clear and emotionally calm state.

Centeredness

A state of being calm, composed, and focused, maintaining emotional balance and awareness of oneself.

Empathic Process

A psychological process involving the capacity to recognize and, to an extent, feel the emotion that another person is experiencing.