Which of the Following Statements Is True About the Economic

question 302

Multiple Choice

Which of the following statements is true about the economic profits earned by a monopolistic competitor firm in the long run?

• A) Economic profits can be positive since firms have some degree of monopoly power.
• B) Economic profits will be positive since the firm has a downward sloping demand curve.
• C) Economic profits will tend towards zero since positive profits will attract new firms into the industry.
• D) Economic profits can be negative since there is so much competition in the market.

Identify the contributions of classical management theorists to modern management practices.

Comprehend the significance of managerial ethics and corporate social responsibility in relation to business operations.

Analyze the role of coordination, control, and command within the management functions framework.

Appreciate the importance of human relations and social aspects in workplace productivity and motivation.

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Definitions:

Nonfinancial Resource

Assets that are not monetary but contribute to an individual's or organization's value, such as skills, knowledge, and relationships.

Leisure Time

Free time spent away from business, work, and domestic chores, often for relaxation, recreation, or hobbies.

Seven-Day Weeks

A time division concept organizing days into a cycle of seven, used universally in the Gregorian calendar.

Workaholic

An individual who has a compulsion to work excessively and obsessively, often to the detriment of their personal health and relationships.