In Perfect Competition, _______ Profits in Long-Run Equilibrium Will Be

question 176

Multiple Choice

In perfect competition, _______ profits in long-run equilibrium will be _______.

• A) implicit and explicit; equal to zero
• B) accounting; negative
• C) economic; zero
• D) economic; positive

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Definitions:

Referent Power

A form of influence based on the leader's appeal and charisma that inspires loyalty and admiration from followers.

Compliance

The act of following and adhering to rules, regulations, or requests established by authorities or organizations.

Coercive

Employing force or intimidation to obtain compliance or control over others.

Instrumental Compliance

Following rules or guidelines not out of agreement or belief but as a means to achieve a certain goal or reward.