In a Perfectly Competitive Industry Over the Long Run

question 8

Multiple Choice

In a perfectly competitive industry over the long run:

• A)economic profits tend to persist.
• B)the number of firms in an industry grows.
• C)economic losses tend to persist.
• D)economic profits and losses are driven towards zero by entry and exit.

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Definitions:

Emotional Labour

The effort required to manage and regulate one's emotions to fulfill the emotional demands of a job.

Emotional Contagion

The phenomenon where emotions can be transferred from one person to another, influencing the emotional states of those around them.

Equity Theory

A theory of motivation that explains how individuals perceive fairness in distribution of resources within interpersonal relationships, affecting their satisfaction and productivity.

High Self-Esteem

The positive perception and valuation of oneself, reflecting confidence in one’s own worth and abilities.