Which of the Following Does NOT Describe the Long Run

question 111

Multiple Choice

Which of the following does NOT describe the long run under perfect competition?

• A) Long-run marginal cost is minimized.
• B) There is no incentive for firms to enter or exit the industry.
• C) Economic profit is zero.
• D) Long-run average total cost is minimized.

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Definitions:

Integration

The process of combining parts into a whole, or incorporating individuals into a larger group or system.

Ambidextrous Organization

An organization that is capable of exploiting its current operations while simultaneously exploring new opportunities, effectively managing both stability and change.

Exploiting

Making use of a resource or situation, often in a way that is considered unfair or unethical, to gain an advantage.

Chief Operating Officer

A high-ranking executive in a company responsible for overseeing the day-to-day administrative and operational functions.