Which of the Following Statements Is NOT Characteristic of a Perfectly

question 95

Multiple Choice

Which of the following statements is NOT characteristic of a perfectly competitive industry in long-run equilibrium?

• A) Ceteris paribus, there is no tendency for firms to either enter or exit the industry.
• B) A profit-maximizing firm may produce any output level at which P < LRATC.
• C) No firm earns an economic profit.
• D) Every firm produces at an output level at which MC = LRATC.

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Definitions:

Behaviour Modelling Training

A learning technique that involves observing and replicating desired behaviors demonstrated by others.

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Digital or traditional systems designed to enable employees to acknowledge and celebrate their colleagues' achievements and contributions.

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A systematic approach to influencing organizational behavior through the application of reinforcement theory, aiming to reinforce desired behaviors and reduce undesired ones.

Reinforcement Strategy

An approach that uses rewards or punishments to strengthen desired behavior or extinguish unwanted behavior.