In the Long Run,all of the Firms in a Perfectly

question 283

Multiple Choice

In the long run,all of the firms in a perfectly competitive industry will:

• A)produce at an output level at which average total cost equals marginal cost.
• B)earn an economic profit greater than zero.
• C)exit the industry if price is greater than average total cost.
• D)produce an output level at which price is greater than average total cost.

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Definitions:

Operant Conditioning

Operant conditioning is a learning process in which the likelihood of a behavior is modified by its consequences, involving reinforcements or punishments.

Transference Behaviors

Psychological phenomena where unresolved feelings, desires, and expectations from past relationships are projected onto current relationships, often occurring within therapy.

Aversive Conditioning

A type of counterconditioning that associates an unpleasant state (such as nausea) with an unwanted behavior (such as drinking alcohol).

Psychological Disorders

Psychological disorders, also known as mental disorders, are patterns of behavioral or psychological symptoms that impact multiple areas of life and create distress for the person experiencing them.