In a Perfectly Competitive Market,firms Will Exit in the

question 68

Multiple Choice

In a perfectly competitive market,firms will exit in the

• A)short run if they are suffering economic losses
• B)short run if they are earning below-normal profit
• C)short run if price exceeds average total cost
• D)long run if they are earning above-normal profit
• E)long run if they are suffering economic losses

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Definitions:

Corporate Social Responsibility

A business approach that contributes to sustainable development by delivering economic, social, and environmental benefits for all stakeholders.

Public Policy

Public policy consists of the laws, regulations, courses of action, and funding priorities adopted by governmental entities to influence or control issues in the public arena.

Marketing Information System

A marketing information system (MIS) is a structured arrangement of people, equipment, and procedures to gather, sort, analyze, and distribute relevant marketing data to decision makers.

Customer Satisfaction

A measure of how products or services supplied by a company meet or surpass customer expectation.