-In the Above Table, the Firm

question 287

Multiple Choice

-In the above table, the firm

• A) must be in a perfectly competitive market because its marginal revenue is constant.
• B) must be in a perfectly competitive market because its marginal cost curve eventually rises.
• C) cannot be in a perfectly competitive market because its short-run economic profits are greater than zero.
• D) cannot be in a perfectly competitive market because its long-run economic profits are greater than zero.

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Definitions:

On/off Switch

A device that enables users to start or stop the flow of electricity to an appliance, machine, or another electrical device with a simple action.

Pilot Devices

Control instruments that command the operation of electrical machinery indirectly, often through the use of relays or contactors.

Motor Starter

A device that controls the use of electrical power to equipment, especially to start and stop motors.

Control Coil

A coil used in a relay or other electrical device, which creates a magnetic field when electricity is passed through it, thereby controlling the operation of the device.