An Important Difference Between the Situation Faced by a Profit-Maximizing

question 209

Multiple Choice

An important difference between the situation faced by a profit-maximizing competitive price-searcher firm in the short run and the situation faced by that same firm in the long run is that in the short run,

• A) price may exceed marginal revenue, but in the long run, price will equal marginal revenue.
• B) price may exceed marginal cost, but in the long run, price will equal marginal cost.
• C) price may exceed average total cost, but in the long run, price will equal average total cost.
• D) there are many firms in the market, but in the long run, there are only a few firms in the market.

---

Definitions:

Positive Mood

A state of emotional well-being characterized by feelings of happiness, contentment, and satisfaction.

Social Status

A measure of one's standing or rank in society, which can be determined by wealth, occupation, education, or social network.

Sexual Infidelity

Engaging in sexual activities with someone other than one’s partner, violating the commitment or agreement of a monogamous relationship.

Emotional Infidelity

Refers to a form of unfaithfulness in a relationship that involves forming deep emotional connections with someone other than one's partner, excluding physical intimacy.