If Long-Run Equilibrium Is Present in a Competitive Market, the Typical

question 147

Multiple Choice

If long-run equilibrium is present in a competitive market, the typical firm in the market will be

• A) making economic losses.
• B) making zero economic profit.
• C) making economic profit.
• D) making a rate of return that is higher than the rate earned in other industries.
• E) both c and d are correct.

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Definitions:

Obsessive-Compulsive

Relating to a disorder characterized by recurrent, unwanted thoughts (obsessions) and/or repetitive behaviors (compulsions).

Narcissus

In mythology, a figure known for his beauty and extreme self-love, leading to the term narcissism which describes self-centeredness or egoism.

Greek Mythology

A body of myths and teachings that belong to the ancient Greeks, concerning their gods and heroes, the nature of the world, and the origins and significance of their own cult and ritual practices.

Avoidant Personality Disorder

A mental health disorder characterized by a long-standing pattern of extreme social inhibition, feelings of inadequacy, and sensitivity to rejection.