A Price-Taker Market Tends Toward a State of Long-Run Equilibrium

question 52

Multiple Choice

A price-taker market tends toward a state of long-run equilibrium in which firms earn only a normal rate of return (zero economic profits) because

• A) firms will keep their prices low under fear of government regulation.
• B) with firms able to enter and leave the industry freely, competition will drive prices down to the level of production costs.
• C) by definition, production costs always rise to equal the market price.
• D) mismanagement on the part of owners generally results in the firms not equating marginal revenue and marginal cost.

Explain the metacognitive aspect of cultural intelligence and its application in international business.

Identify various cultural values and how they impact work behavior and preferences.

Describe the concept of the cultural mosaic and its relevance to individual identity.

Grasp the relationship between cultural diversity and company performance.

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