Which of the Following Statements Is Not Characteristic of a Perfectly

question 17

Multiple Choice

Which of the following statements is not characteristic of a perfectly competitive industry in long-run equilibrium?

• A) A profit-maximizing firm may produce any output level at which P < LRATC.
• B) Every firm produces at an output level at which MC = LRATC.
• C) Ceteris paribus, there is no tendency for firms to either enter or exit the industry.
• D) No firm earns an economic profit.

---

Definitions:

Moral Responsibility

The duty to act according to ethical principles, making choices that reflect a consideration for the welfare of others and the greater good.

Brand Community Strategies

Approaches employed by brands to engage and interact with their dedicated communities.

Brand Managers

Professionals responsible for developing and maintaining the image, products, and strategy of a brand.

Subcultures of Consumption

are groups of individuals who exhibit shared commitments, behaviors, or preferences around specific brands or consumption activities, differentiating them from the broader culture.