In the Long Run a Perfectly Competitive Firm Operates ____

question 104

Multiple Choice

In the long run a perfectly competitive firm operates ____ and a monopolistically competitive firm operates ____.

• A) at the efficient scale; with excess capacity
• B) at the efficient scale; at the efficient scale
• C) with excess capacity; with excess capacity
• D) with excess capacity; at the efficient scale

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Definitions:

Chief Administrator

The highest-ranking official in charge of managing and supervising the operations of a particular organization or governmental body.

Executive Branch

The branch of government responsible for executing and enforcing laws, typically headed by the president or prime minister.

Administrative Process

A series of procedures and operations carried out by a government or an organization to execute policies, decisions, or laws.

Zone of Interests

A legal concept that determines whether a party has sufficient stake in a controversy or issue to bring a lawsuit based on statutory or constitutional standing requirements.