Long-Run Equilibrium Under Monopolistic Competition and Perfect Competition Is Similar

question 93

Multiple Choice

Long-run equilibrium under monopolistic competition and perfect competition is similar in that

• A)firms produce at the minimum point of their average cost curves.
• B)price equals marginal cost.
• C)firms break even.
• D)price equals marginal revenue.

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Definitions:

Goal Specificity

The extent to which a goal is detailed, explicit, and clear as opposed to vague or general.

Expectancy

The belief or anticipation of the likelihood that something will occur, often related to motivation theory.

Instrumentality

The perceived relationship between performance and the attainment of certain outcomes, in the context of motivation theories.

Job Satisfaction

The level of contentment individuals feel regarding their job, including aspects like work environment, compensation, and the nature of the work itself.