In the Short Run, a Perfectly Competitive Firm Can

question 27

Multiple Choice

In the short run, a perfectly competitive firm can

• A) only make an economic profit.
• B) only make zero economic profit.
• C) only incur an economic loss.
• D) make an economic profit, zero economic profit, or incur an economic loss.

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Definitions:

Elevates Scapula

The action performed by certain muscles, such as the levator scapulae, to raise the shoulder blade.

Rotates Scapula

Referring to the action performed by certain muscles which move the shoulder blade in a rotational manner.

Flexes Neck

The action of bending or moving the neck forward, performed by several muscles including the sternocleidomastoid and scalene muscles.

Zygomaticus Major

A facial muscle that draws the mouth upward and outward, mainly responsible for smiling.