In an Industry with Free Entry and Exit,economic Profits

question 29

Multiple Choice

In an industry with free entry and exit,economic profits:

• A)indicate a market failure.
• B)can never occur.
• C)provide incentives for a reallocation of resources out of other industries and into the one with economic profits.
• D)can be sustained indefinitely.

Understand and calculate the total cost involved in chase and level aggregate plans.

Apply the principles of yield management to maximize revenue through dynamic pricing.

Utilize graphical aggregate planning methods to forecast demand and adjust production.

Understand the basic concepts and types of costs associated with inventory management, including setup or ordering costs, holding costs, and costs of shrinkage.

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Definitions:

Acceptance

Acceptance is the act of receiving or consenting to something offered or recognizing the reality of a situation without attempting to change it or protest.

Diagnostic Tests

Tests used to determine the presence or absence of a condition or disease in a person, often based on symptoms, for the purpose of making a clinical diagnosis.

Physician

A medical professional who is trained to diagnose and treat illnesses, diseases, and injuries.

Denial

A defense mechanism wherein a person refuses to accept reality or facts, thereby avoiding dealing with painful feelings or events.