In the Long Run

question 201

Multiple Choice

In the long run,

• A)both monopolists and perfectly competitive firms produce at minimum long-run average total cost.
• B)a monopolist will exit the industry if he is earning zero economic profit.
• C)a monopolist will always charge a higher price than he charges in the short run.
• D)consumer surplus is smaller if an industry is a monopoly than if it is perfectly competitive.

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Definitions:

Group's Performance

A measure of how effectively a group works together to achieve common goals.

Standard Performance

The established or expected level of output, quality, or efficiency that employees are expected to achieve.

Self-Appraisal

An evaluation process in which an individual assesses their own performance, strengths, and areas for improvement, typically within a professional context.

Appraisal Process

The sequence of steps involved in evaluating an employee's performance, typically involving feedback and discussions about achievements and areas for improvement.