Long-Run Competitive Equilibrium

question 76

Multiple Choice

Long-run competitive equilibrium

• A) is realized only in constant-cost industries.
• B) will never change once it is realized.
• C) is not economically efficient.
• D) results in zero economic profits.

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Definitions:

Compromise

Process by which preferred alternatives are sacrificed because they are inaccessible.

Gottfredson's

Refers to a theory of career development proposed by Linda Gottfredson, which emphasizes the process of circumscription and compromise in career choice.

Holland's

Refers to Holland's Theory, emphasizing the alignment between personal interests, capabilities, and the characteristics of professional environments.

Bandura's

Refers to the psychological theory emphasizing the importance of belief in one’s own abilities, developed by Albert Bandura, focusing on the power of self-belief in achieving personal goals.