In Long-Run Equilibrium for a Perfectly Competitive Industry, Firms Earn

question 236

Multiple Choice

In long-run equilibrium for a perfectly competitive industry, firms earn ________ economic profits and produce ________.

• A) zero; efficiently
• B) zero; inefficiently
• C) positive; efficiently
• D) positive; inefficiently

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Definitions:

Type A

A personality type characterized by high levels of competitiveness, self-driven ambition, impatience, and urgency, often linked to stress and heart disease.

Type B

A personality type characterized by a more relaxed, less time-urgent, and less competitive approach to life compared to Type A.

Adaptive

The process of adjusting to new conditions or environments, often improving fitness or functionality in response.

Stressed

The feeling of being overwhelmed or unable to cope with mental or emotional pressure.