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:

HR Policies

Guidelines and procedures developed by an organization's human resources department to manage employees and ensure consistent treatment, compliance, and alignment with business goals.

Company Cultures

The shared values, beliefs, behaviors, and practices that shape the social and psychological environment of a business organization.

Maquiladoras

Manufacturing operations in Mexico, where factories import material and equipment on a duty-free and tariff-free basis for assembly or manufacturing and then export the assembled product.

Economic Landscape

The dynamic and overall picture of economic activity, trends, and conditions within a specific region or globally.