Which of the Following Is NOT a Characteristic of a Perfectly

question 31

Multiple Choice

Which of the following is NOT a characteristic of a perfectly competitive long-run equilibrium?

• A) Firms are earning zero profits.
• B) Price equals marginal cost.
• C) Price equals long-run minimum average cost.
• D) Firms are producing on the downward sloping portions of their short-run average cost curves.

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Definitions:

Rejection-Then-Retreat Approach

A persuasive technique where an initial, larger request is made knowing it will be rejected, followed by a smaller, more reasonable request.

Reciprocity/Obligation Approach

A social exchange theory suggesting that individuals feel compelled to return favors or help to those who have aided them.

Persuader

An individual or tool that influences others' attitudes, beliefs, or actions through argument, reasoning, or appeal.

Social Proof

A mental phenomenon in which individuals mirror the behaviors of others, believing it to be the appropriate response for a particular scenario.