All of the Following Are True for Both Competition and Monopolistic

question 19

Multiple Choice

All of the following are true for both competition and monopolistic competition in the long run,except one of them.Which is it?

• A) P = MC
• B) P = AC
• C) Economic profits become zero in the long-run
• D) The barriers to entry and exit are relatively easy
• E) None of the above is an exception

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Definitions:

Learning Orientation

An attitude or approach that emphasizes acquisition of knowledge, skill development, and adapting based on new information.

Self-Leadership

A process whereby individuals influence themselves to achieve self-direction and self-motivation to perform.

Job Specialization

The process of focusing work roles and tasks on specific aspects of a job or industry to increase efficiency and expertise.

Empowerment

The process of granting individuals or groups the autonomy, resources, and capability to make decisions and carry out actions in their roles.