Which of the Following Statements Is True

question 125

Multiple Choice

Which of the following statements is true?

• A)A long-run competitive equilibrium can only be achieved in constant-cost industries.
• B)When an industry achieves a long-run competitive equilibrium, industry output will not change in the future.
• C)A long-run competitive equilibrium outcome is not economically efficient.
• D)When an industry reaches a long-run competitive equilibrium, the typical firm in the industry breaks even.

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Definitions:

Performance Appraisal

A systematic evaluation process through which an employee's job performance is assessed, typically by their supervisor, against certain criteria.

Communication Networks

Systems of interconnected individuals or devices that facilitate the exchange of information and data.

Interpersonal Communication

The process of exchanging information, feelings, and meaning through verbal and non-verbal messages between individuals.

Cultural Context

The set of social, historical, and cultural factors and conditions that influence the environment in which a person or community lives and acts.