In Which of the Following Market Structures Can Firms Earn

question 216

Multiple Choice

In which of the following market structures can firms earn economic profits in the long run?

• A)perfect competition
• B)monopolistic competition
• C)monopoly
• D)Both b and c are correct.

Understand the implications of asset impairment and the criteria for impairment assessment.

Understand the concept of departmental contribution to overhead and how it is calculated.

Grasp the key performance metrics for investment centers, including profit margin, investment turnover, and return on investment.

Analyze performance using the balanced scorecard.

---

Definitions:

Weather Forecaster

An individual or system that predicts the weather conditions using data from various sources, including satellite imagery, atmospheric conditions, and computer models.

Hot and Humid

Hot and humid refers to weather conditions characterized by high temperatures and high levels of moisture in the air, often causing discomfort.

Groupthink

A phenomenon where a group's desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.

Mental Efficiency

The effectiveness with which an individual can perform cognitive tasks, including problem-solving, memory, and reasoning.