When a Perfectly Competitive Industry Is in Long-Run Equilibrium,its Firms

question 285

Multiple Choice

When a perfectly competitive industry is in long-run equilibrium,its firms:

• A)earn more than zero economic profits.
• B)combine their variable and fixed resources inefficiently.
• C)are not in short-run equilibrium.
• D)allocate all of their resources efficiently.

---

Definitions:

Flow

The experience of being completely absorbed in an activity, where the individual feels a mix of heightened attention, total engagement, and joy.

Self-Actualization

A psychological concept referring to an individual's pursuit and realization of their own potential, talents, and desires.

Unconditional Regard

A concept in psychology that involves showing complete support and acceptance of a person regardless of what they say or do, particularly in a therapeutic context.

Mindfulness

The quality or practice of being consciously aware of one's thoughts, feelings, and environment in the present moment, often as a meditative practice.