Which of the Following Is True for a Perfectly Competitive

question 85

Multiple Choice

Which of the following is true for a perfectly competitive firm in the long run?

• A) There are barriers to entry and exit in the long run.
• B) In the long run, price is greater than marginal revenue.
• C) Firms make normal profits in the long run.
• D) The long-run supply curve is horizontal.

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Definitions:

Total Quality Management

A comprehensive management approach that focuses on continuous improvement of products, services, and processes by involving all employees.

Job Classifications

The categorization of different jobs within an organization based on duties, responsibilities, and the level of expertise required.

Employment Flexibility

The ability of the workforce and employers to make arrangements regarding working conditions, hours, and places of work to accommodate changing economic conditions and personal needs.

Procedural Flexibility

The ability to adapt and modify procedures and processes in response to changing circumstances or requirements.