Markets with Hit-And-Run Entry and Exit Experience

question 41

Multiple Choice

Markets with hit-and-run entry and exit experience

• A) barriers to entry.
• B) firms entering whenever they can make a profit and exiting when they cannot make a profit.
• C) steady long-run economic profit.
• D) a very steady number of firms.

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Definitions:

Allowance Factor

A multiplier or factor used to adjust estimated times or costs to account for specific conditions or inefficiencies in operations and processes.

Standard Time

A benchmark or established duration within which a specific task, job, or process should be completed.

Normal Time

The adjusted time value after accounting for various factors like work pace and efficiencies, representing the expected time a task should take under typical conditions.

Job Identity

The sense of self derived from the nature of one’s occupation or work role.