In the Long Run

question 201

Multiple Choice

In the long run,

• A)both monopolists and perfectly competitive firms produce at minimum long-run average total cost.
• B)a monopolist will exit the industry if he is earning zero economic profit.
• C)a monopolist will always charge a higher price than he charges in the short run.
• D)consumer surplus is smaller if an industry is a monopoly than if it is perfectly competitive.

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Definitions:

Anxiety Disorders

A category of mental health disorders characterized by significant fear or anxiety that impacts a person's daily functioning.

Excessive Fear

An overwhelming and often irrational sense of anxiety or dread regarding a specific object, situation, or activity, beyond normal or expected levels.

Persistent Worry

Continuous feelings of unease or anxiety about potential future events or outcomes.

Safety Behaviors

Actions taken to avoid perceived threats or reduce anxiety in situations, often part of the coping strategies in anxiety disorders.