In a Competitive Industry in the Long-Run, It Is Likely

question 53

Multiple Choice

In a competitive industry in the long-run, it is likely that

• A)Firms with the advantage of location or an especially skilled work crew will be the lone survivors in equilibrium
• B)All firms giving their best effort will have the same LAC regardless of location or the unique skills of some workers
• C)The firms with the poorest location will be the lone survivors in equilibrium because their location cost will be lowest
• D)Only one large efficient firm can survive

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Definitions:

Psychotherapist

A trained professional who employs psychological methods particularly in the treatment of mental illness, emotional challenges, and behavioral disturbances.

Psychological Disorders

Mental disorders characterized by patterns of behavior or thoughts that are significantly disruptive to one’s personal functioning.

Alcohol Misuse

The consumption of alcohol in a manner or quantity that is harmful to the individual's health or social functioning.

Psychological Disorder

A mental disorder characterized by patterns of thought, emotion, or behavior that are deviant, distressing, and dysfunctional.