If Perfectly Competitive Firms Are Maximizing Their Profit and Are

question 55

Multiple Choice

If perfectly competitive firms are maximizing their profit and are making an economic profit,the market ________ in a short-run equilibrium and ________ in a long-run equilibrium.

• A) is; is
• B) is; is not
• C) is not; is
• D) is not; is not
• E) is; might be

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Definitions:

DRP

Distribution Requirements Planning, a method used in business management for planning inventory and supply chain processes in distribution networks.

Time-Phased

refers to planning or scheduling that outlines specific tasks or activities to be completed in distinct time frames, ensuring that resources are allocated and objectives are met systematically over time.

Distribution Network

The interconnected group of storage facilities and transportation systems that move goods from producers to consumers.

Closed-Loop MRP

A Materials Requirement Planning system that provides feedback on inventory levels, production, and purchase orders, enabling continuous updates and adjustments.