In the Long Run, in a Perfectly Competitive Industry

question 27

Multiple Choice

In the long run, in a perfectly competitive industry:

• A)economic profit tends to persist.
• B)the number of firms in the industry will increase.
• C)economic loss tends to persist.
• D)economic profit and loss are driven to zero by entry and exit.

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Definitions:

Intrarole Conflict

Occurs when there are incompatible demands or expectations within the same role, causing stress and confusion for the individual.

Incongruous Behaviors

Actions or responses by an individual that do not match the expected norms or values of a group or situation.

Group Status Structures

The hierarchical organization of members within a group based on various factors such as power, prestige, and roles.

Equality

The state of being equal, especially in status, rights, and opportunities.