Long-Run Competitive Equilibrium in an Industry Implies That No Firm

question 19

Multiple Choice

Long-run competitive equilibrium in an industry implies that no firm:

• A) is earning a normal profit.
• B) is producing at the output level where price equals long-run average total cost.
• C) has an incentive to enter or exit the industry.
• D) is earning accounting profits.

---

Definitions:

Facial Expressions

The movements or positions of the face that convey emotional states or reactions to situations.

Emotion Expression

The way individuals display their emotions through facial expressions, body language, and vocal tones.

Negative Social Emotions

Feelings that arise from social interactions or perceptions, such as embarrassment, guilt, or jealousy, that are typically viewed as unpleasant or undesirable.

Insula

A part of the cerebral cortex located deep within the lateral sulcus, involved in processing bodily sensations, emotional states, and integrating social information.