In Long-Run Equilibrium, the Typical Perfectly Competitive Firm Will

question 137

Multiple Choice

In long-run equilibrium, the typical perfectly competitive firm will:

• A) earn zero economic profit.
• B) change plant size in the long run.
• C) change output in the short run.
• D) do any of the above.

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Definitions:

Theory of Planned Behavior

A theory that predicts an individual's intention to engage in a behavior at a specific time and place, considering attitudes, subjective norms, and perceived control over the behavior.

Behavioral Intentions

An individual's stated likelihood or plan to perform a particular behavior, considered a predictor of actual behavior in various models of behavioral change.

Achievement Goal Theory

A theory that focuses on how individuals are motivated by their goals, specifically in achievement settings like school and sports.

Mastery and Performance

Concepts related to the orientation of individuals towards learning, where mastery focuses on developing competence and understanding, while performance emphasizes displaying competence and comparing oneself with others.