Which of the Following Statements Is Correct

question 148

Multiple Choice

Which of the following statements is correct?

• A)In the long run, both perfectly competitive firms and monopolistically competitive firms operate with excess capacity.
• B)A firm operates with excess capacity when, in the long run, its level of output is below the efficient scale.
• C)For any firm, efficient scale is the level of output at which the average-total-cost curve is tangent to the demand curve.
• D)All of the above are correct.

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Definitions:

Stereotypes

Oversimplified generalizations about groups of people that may be based on gender, race, age, ethnicity, nationality, or other factors.

Distort Reality

The act of misrepresenting or altering the perception of reality, often to suit one's own beliefs or agenda.

Norm

A standard or pattern of social behavior that is accepted in a group or society as normal or typical.

Robbers Cave Experiment

A social psychology experiment that demonstrated how intergroup conflict can arise from competition over resources and how such conflicts can be overcome through cooperative tasks.