In the Long Run, Existing Firms Exit a Perfectly Competitive

question 53

Multiple Choice

In the long run, existing firms exit a perfectly competitive market

• A) if they make a positive economic profit.
• B) only if they incur an economic loss.
• C) if normal profits are greater than zero.
• D) if they either make a normal profit or incur an economic loss.
• E) only if economic profits are zero.

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Definitions:

Human Behavior

The range of actions and mannerisms exhibited by humans in conjunction with their environment, influenced by culture, attitudes, emotions, values, and genetics.

Conditioned Stimulus

A previously neutral stimulus that, after being paired with an unconditioned stimulus, elicits a conditioned response.

Unconditioned Stimulus

An unconditioned stimulus is a stimulus that naturally and automatically triggers a response without prior conditioning in the realm of behavioral psychology.

Undesirable Behavior

Actions or conduct by an individual or group that are considered harmful or inappropriate within a specific context or society.