Which of the Following Is True for a Profit-Maximizing Firm

question 34

Multiple Choice

Which of the following is true for a profit-maximizing firm operating in a competitive market,monopolistic competition,and monopoly?

• A) Firms earn positive economic profits in the long run.
• B) Firms earn zero economic profits in the long run.
• C) Profits are maximized when marginal cost equals marginal revenue.
• D) Price equals marginal revenue.
• E) Entry into the industry is impossible.

Learn the process of ethical decision making in business using frameworks like the WH process.

Understand the five stages of team development and their characteristics.

Identify key concepts and terms related to team diversity and functioning.

Describe the characteristics and purpose of different types of teams in organizations.

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Definitions:

Agent

An individual or entity authorized to act on behalf of another person or group, usually in a legal or business context, to negotiate and implement actions.

Target

In social influence, the person who is affected by a social influence attempt from the source. In aggression, the person toward whom an aggressive act is directed.

Attachments

Emotional bonds that form between individuals, such as between parents and children, influencing personal development and behavior throughout life.

Sense of Security

The feeling or perception of being safe, protected, or free from danger or anxiety.