When a Purely Competitive Industry Is in Long-Run Equilibrium, Which

question 85

Multiple Choice

When a purely competitive industry is in long-run equilibrium, which statement is true?

• A)Average total cost is less than marginal cost.
• B)Price and average total cost are equal.
• C)Marginal cost is at its maximum level.
• D)Marginal revenue is greater than price.

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Definitions:

Work Environment

The setting, conditions, and culture in which an individual performs their job duties.

Baldwin and Ford

Researchers known for their model on the transfer of training, emphasizing the importance of learner characteristics, training design, and work environment.

Training Transfer Concept

The theory that knowledge, skills, and behaviors learned in training should be applied to the job environment.

Training Effectiveness

The extent to which training achieves its intended outcomes, such as improving knowledge, skills, and job performance.