Which of the Following Statements Is Correct

question 325

Multiple Choice

Which of the following statements is correct?

• A) Firms in monopolistic competition and monopoly can earn economic profits in both the short run and the long run.
• B) Both perfectly competitive and monopolistically competitive firms are price takers.
• C) Both a monopolistically competitive industry and a monopoly are characterized by a very small number of (or one) firm(s).
• D) Firms can easily enter a perfectly competitive or monopolistically competitive industry.

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Definitions:

Standardized Job-Analysis

A methodical process for determining the tasks, skills, knowledge, and abilities required for a job using consistent procedures.

Position Analysis Questionnaire

A standardized job analysis instrument that evaluates a job's duties and requirements by using a series of structured questions.

Database

A structured collection of data stored in a computer system, allowing for easy access, management, and updating of the data.

Human Resource Information System

A human resource information system is an integrated and increasingly automated system for maintaining a database regarding the employees in an organization.