Which of the Following Statements Is Not Correct About Competitive

question 280

Multiple Choice

Which of the following statements is not correct about competitive firms?

• A)In a long-run equilibrium, firms must be operating at their efficient scale.
• B)In the short run, the number of firms in an industry may be fixed.
• C)In the long run, the number of firms can adjust to changing market conditions.
• D)In the short run, firms must be operating at a level of output where price equals average variable cost.

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Definitions:

Positive Affect

A dimension of emotional experience characterized by feelings of happiness, joy, and other positive emotions.

Happiness

A state of well-being and contentment characterized by emotions ranging from contentment to intense joy.

Core Self-Evaluations

Represents a stable personality trait which encompasses an individual's subconscious, fundamental assessments about their abilities, worthiness, and control over their environment.

Locus of Control

A psychological concept referring to individuals' beliefs about the extent to which outcomes of their actions are under their personal control.