In Long-Run Equilibrium Under Perfect Competition

question 29

Multiple Choice

In long-run equilibrium under perfect competition,

• A)the firm and the industry will have the same cost curves.
• B)only a very few firms will be earning economic profits.
• C)the demand curves facing individual firms will fall to the level of minimum AC.
• D)individual firms will tend to increase their outputs.

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Definitions:

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, typically encapsulated by the 4Ps: product, price, place, and promotion.

Organizational Buying Behavior

The decision-making process and actions of organizations in acquiring goods and services to achieve their goals.

Technical Assistance

Support provided to individuals or organizations in the form of expertise, skills, or knowledge to resolve technical issues.

Delivery Time

The duration it takes for a product or service to be transported from the seller to the recipient after an order has been placed.