In a Perfectly Competitive Market, If a Resource That One

question 184

Multiple Choice

In a perfectly competitive market, if a resource that one firm utilizes is superior to resources used by other firms, and, as a result, lowers unit costs for the firm, that firm is likely to earn __________ in the short run. In time, however, the firm's __________ curve will rise to reflect the superior-quality of the resource it employs and the firm will then earn __________.

• A)normal profit; ATC; positive economic profit
• B)positive economic profit; ATC; normal profit
• C)positive economic profit; marginal revenue; zero profit
• D)losses; ATC; positive economic profit
• E)none of the above

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Definitions:

Goal Challenge

A concept referring to the setting of objectives that are challenging yet attainable, aimed at motivating individuals or teams towards higher performance.

Unethical Behaviour

Actions or practices that violate moral or professional codes of conduct.

Positive Reinforcer

A stimulus that, when presented after a behavior, increases the likelihood of that behavior being repeated.

Unconditioned Response

A natural, automatic reaction to a stimulus that occurs without prior learning or conditioning.