Long-Run Equilibrium in Perfect Competition and in Monopolistic Competition Are

question 15

Multiple Choice

Long-run equilibrium in perfect competition and in monopolistic competition are similar because in both models,firms _____ in the long run.

• A)produce at the minimum point of the average total cost curve
• B)set price equal to marginal cost
• C)make zero economic profits
• D)have excess capacity

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Definitions:

Kouzes And Posner

James Kouzes and Barry Posner, researchers and authors known for their work on leadership practices and principles, notably the Five Practices of Exemplary Leadership.

Transactional Leadership

A leadership style based on exchanges between leader and followers, where followers are rewarded for meeting specific goals or performance criteria.

Motivation

The process that initiates, guides, and maintains goal-oriented behaviors. It is what causes us to act.

Morality

The principles concerning the distinction between right and wrong or good and bad behavior.