In Long-Run Perfectly Competitive Equilibrium, Which of the Following Is

question 206

Multiple Choice

In long-run perfectly competitive equilibrium, which of the following is false?

• A)There is efficient, low-cost production at the minimum efficient scale.
• B)Economic surplus is maximised.
• C)Firms earn economic profit.
• D)Economies of scale are exhausted.

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Definitions:

Positive Reinforcement

A method in behaviorism where the introduction of a desirable or pleasant stimulus following a behavior increases the likelihood of that behavior being repeated.

Shaping

A method of training by which successive approximations toward a desired behavior are reinforced.

Successive Approximation

A method used in operant conditioning that rewards behaviors progressively closer to a desired one.

Discrimination

Discriminatory practices towards various groups based on race, age, gender, or disability, characterized by unfair or biased treatment.