What Is the Level of Economic Profits Earned by a Firm

question 78

Multiple Choice

What is the level of economic profits earned by a firm operating in the short-run under conditions of monopolistic competition?

• A)It is positive.
• B)It is likely to be positive,but could be negative.
• C)It is zero.
• D)It is negative.

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Definitions:

Institutions

Established organizations or systems in society with specific purposes and roles, such as educational, religious, or governmental entities.

Well-Ordered Society

A society in which there are mutually accepted principles of justice governing the basic structure of the main institutions.

Morally

Pertaining to principles of right and wrong in behavior; ethical.

Acting

Acting involves performing roles in plays, films, television, or other mediums, portraying characters and conveying stories through emotional expression, body language, and voice.