Which of the Following Is True About the Long Run

question 62

Multiple Choice

Which of the following is true about the long run operations of perfectly competitive firms?

• A)They produce with productive efficiency.
• B)They produce with allocative efficiency.
• C)They earn zero economic profits.
• D)They earn a fair rate of return.
• E)all of the above

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Definitions:

Policy Practice

The professional activity of influencing and making changes to public policy, often within the context of social work to enhance social welfare.

Legislative Settings

Environments or contexts related to the process of making and enacting laws, often involving government bodies such as parliaments or legislative assemblies.

Agency Settings

The environment, typically organizational, in which services are provided to clients by professionals.

Systems Theory

A conceptual framework that analyzes complex phenomena or problems as integrative systems composed of interdependent parts, applicable in various disciplines.