A Necessary Condition for an Industry to Be in Long-

question 52

Multiple Choice

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

• A)marginal revenue is equal to SAC.
• B)price is equal to SAFC.
• C)price is equal to the efficient SAC of production.
• D)each firm is producing its profit maximizing output.

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Definitions:

Marketing Efficiencies

Strategies or actions that maximize the effectiveness of marketing efforts with the least amount of waste in resources.

R&D-Manufacturing Efficiencies

Enhancements and optimizations in the research and development and manufacturing processes to improve productivity and reduce costs.

Organization's Function

The primary activities and responsibilities carried out by an organization to achieve its objectives, including operations, marketing, finance, and human resources.

Strategic Marketing Process

A systematic approach to identifying opportunities, developing strategies, and implementing actions to achieve marketing and organizational goals.