Which of the Following Statements Is True

question 125

Multiple Choice

Which of the following statements is true?

• A)A long-run competitive equilibrium can only be achieved in constant-cost industries.
• B)When an industry achieves a long-run competitive equilibrium, industry output will not change in the future.
• C)A long-run competitive equilibrium outcome is not economically efficient.
• D)When an industry reaches a long-run competitive equilibrium, the typical firm in the industry breaks even.

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Definitions:

Adaptive Behavior

The ability to modify one's behavior in response to changes in the environment or circumstances.

Fringe

In a societal context, refers to ideas or activities that are unconventional or lie at the edge of mainstream acceptance.

Ideas

Concepts, thoughts, or opinions that form in the mind as a result of mental activity and creativity.

Leader Behavior

Leader Behavior encompasses the actions, decisions, and practices undertaken by a leader to guide, influence, and manage a group of people or an organization.