In the Long Run When a Perfectly Competitive Firm Experiences

question 57

Multiple Choice

In the long run when a perfectly competitive firm experiences negative economic profits

• A) firms exit the industry, the market supply curve shifts rightward, and the market price falls.
• B) firms enter the industry, the market supply curve shifts rightward, and the market price falls.
• C) firms exit the industry, the market supply curve shifts leftward, and the market price rises.
• D) firms enter the industry, the market supply curve shifts rightward, and the market price rises.

Recognize the outcomes of influence tactics and their implications.

Understand the application of power and influence tactics in organizational settings.

Evaluate the ethical considerations in the use of power and influence tactics.

Distinguish between "hard" and "soft" influence tactics.

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Definitions:

Marginal Utility

Describes the additional satisfaction or usefulness obtained from consuming one more unit of a product or service.

Total Utility

The complete fulfillment experienced from the consumption of a specific overall amount of a product or service.

Consumer Surplus

The gap between what consumers are prepared and able to spend on a product or service and the actual sum they end up paying.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at various prices.