If There Are Constant Returns to Scale in an Industry

question 13

True/False

If there are constant returns to scale in an industry, then in competitive equilibrium, profits in that industry must necessarily be zero.

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Definitions:

Situational Model

A theory proposing that effective leadership is dependent on the situation, and the leader’s behavior should adapt to meet situational demands.

Level Of Development

Refers to the stage of growth or progress in any specific area, such as economic, social, or personal development.

Leadership Styles

Various approaches and methods that leaders use to motivate, guide, and manage their followers, each with unique characteristics and implications.

Followers' Skills

The abilities and competencies that individuals within a group or organization possess, which can influence team dynamics and the overall success of leadership efforts.