In a Perfectly Competitive Market in the Long Run,which of the Following

question 119

Multiple Choice

In a perfectly competitive market in the long run,which of the following is not correct?

• A)Firms are attempting to maximize profit.
• B)Economic profits are zero.
• C)There are no better uses for the firm's resources.
• D)Firms are maximizing total revenue.

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Definitions:

Antitrust Law

Legal regulations designed to promote competition and prevent monopolistic practices by prohibiting unfair business practices and mergers that significantly reduce competition.

Exempt

Status or conditions that provide immunity or exception from a general rule, such as certain incomes being exempt from tax.

Regulatory Bodies

Organizations or agencies established by a government to enforce specific laws, regulate sectors, and ensure compliance with legal standards.

Price Discrimination

A selling strategy that charges customers different prices for the same product or service, not justified by differences in cost.