Consider a Perfectly Competitive Firm When Its Industry Is in Long-

question 8

Multiple Choice

Consider a perfectly competitive firm when its industry is in long- run equilibrium.Which of the following statements is correct?

• A)The firm has successfully established barriers to entry.
• B)The firm has no ability to affect its product's price.
• C)The firm is earning positive economic profits.
• D)The firm has a strong profit incentive to expand capacity.
• E)The firm has successfully differentiated its product.

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Definitions:

Motor Control

involves the processes by which humans and animals use their brain and muscles to execute and coordinate physical actions.

Schizophrenia

A mental disorder characterized by distortions in thought, perception, emotions, language, sense of self, and behavior.

United States

A country located in North America, comprising 50 states, a federal district, five major self-governing territories, and various possessions.

Delusion

A false belief firmly held despite clear evidence to the contrary, often occurring as part of a psychological disorder.