Match the Following Characteristics with the Appropriate Model of Firm

question 131

Essay

Match the following characteristics with the appropriate model of firm behavior,and explain how efficient each firms is in the long run.
(A)Firm faces a horizontal demand curve with no economic profits in the long run.
(B)Firm faces a downward-sloping demand curve.Economic profits can exist in the long run.
(C)Firm faces a downward-sloping demand curve.Economic profits do not exist in the long run.
(D)Firm's demand curve incorporates estimates of other firms' behavior.Profits can exist in the long run.

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Definitions:

Living Standards

Living standards refer to the level of wealth, comfort, material goods, and necessities available to a person or community.

Psychological Needs

The fundamental emotional or mental requirements that individuals need to achieve well-being and contentment.

Autonomous Motivation

The drive to engage in an activity out of genuine interest or internal value, rather than external pressures or demands.

Cultures

The collective norms, values, beliefs, and customs of a group of people that distinguish them from other groups.