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:

Undesirable Behavior

Actions or responses that are considered inappropriate, harmful, or not in alignment with social norms or personal goals.

Classical Conditioning

A learning process that occurs when two stimuli are repeatedly paired; a response that is at first elicited by the second stimulus is eventually elicited by the first alone.

Reinforcement

In behavioral psychology, a process in which a behavior is strengthened by the outcome that follows, whether it's positive (reward) or negative (removal of an undesirable stimulus).

Punishment

A consequence that decreases the likelihood of a behavior being repeated.