In a Perfectly Competitive Market, the Process of Entry and Exit

question 192

Multiple Choice

In a perfectly competitive market, the process of entry and exit will end when firms face

• A)marginal revenue equal to long-run average total cost.
• B)total revenue equal to average total cost.
• C)average revenue greater than marginal cost.
• D)accounting profits equal to zero.

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Definitions:

Department Manager's Lack

Refers to a situation where there is a deficiency or absence of leadership and decision-making in a specific department.

Visibility and Availability

The extent to which something can be easily seen and accessed by those who need it.

Management Style

The way a manager works with and oversees employees to achieve organizational goals.

Describing Practice

The act of explaining or detailing the methods and procedures within a particular area or profession.