In Long-Run Competitive Equilibrium, a Firm That Owns Factors of Production

question 164

Multiple Choice

In long-run competitive equilibrium, a firm that owns factors of production will have an:

• A) economic profit = $0 and accounting profit > $0.
• B) economic profit > $0 and accounting profit = $0.
• C) economic and accounting profit = $0.
• D) economic and accounting profit > $0.
• E) economic and accounting profit can take any value.

---

Definitions:

Foreign Author

A writer originating from one country but publishing or recognized significantly in another.

Karl May

A German author best known for his adventure novels set in the American Old West, featuring characters like Winnetou and Old Shatterhand.

Jules Verne

A French novelist, poet, and playwright known for his adventure novels and his profound impact on the science fiction genre.

American West

A region of the United States west of the Mississippi River, historically significant for its frontier history, exploration, and expansion.