All of the Following Statements Apply to a Purely Competitive

question 161

Multiple Choice

All of the following statements apply to a purely competitive market in the long run, except

• A)in the long run, all inputs are variable in quantity.
• B)firms can expand their plant capacities in the long run.
• C)total fixed costs remain constant even when output expands in the long run.
• D)firms may enter or leave the industry in the long run.

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Definitions:

Conformity

The act of matching attitudes, beliefs, and behaviors to what people perceive as normal to a specific society or social group.

Social Norms

The attitudes and standards of behavior expected of members of a particular group.

Conformity

The practice of aligning one's attitudes, beliefs, and actions with those of a group or conforming to its norms and politics.

Solomon Asch

A psychologist known for his research on conformity, demonstrating how group pressure can influence individual judgments.