The Equilibrium of a Competitive Industry Is

question 59

Multiple Choice

The equilibrium of a competitive industry is:

• A)equitable but not necessarily efficient.
• B)efficient.
• C)not always efficient.
• D)neither efficient nor equitable.

---

Definitions:

Self-Verification Strategies

Techniques individuals use to convince others to view them as they view themselves, in order to confirm their self-concept.

Reflexive Behavior

Behavior that an individual displays as a reaction to the behavior of others, often as part of a social interaction.

Social Identity

An individual's sense of who they are based on their group membership(s), such as social class, family, nationality, etc.

Behavior Expectations

The anticipated or desired ways of behaving in a particular context or environment, often communicated through norms, rules, or guidelines.