Which of the Following Is True for a Perfectly Competitive

question 94

Multiple Choice

Which of the following is true for a perfectly competitive agricultural market with economic profits?

• A)Firms will enter and existing firms will increase their production until economic profits are zero.
• B)The profits will last indefinitely since there are barriers to entry.
• C)Firms will exit until normal profits are zero.

---

Definitions:

Looking-Glass Self

The idea that people learn about themselves by imagining how they appear to others.

Increased Self-Awareness

The enhanced recognition and understanding of one's own personality, feelings, motives, and desires.

Public Self-Consciousness

Thinking about how others perceive you.

Increased Self-Awareness

The heightened state of being conscious or cognizant of one's own character, feelings, motives, and desires.