When Firms Are Neither Entering nor Exiting a Perfectly Competitive

question 100

Multiple Choice

When firms are neither entering nor exiting a perfectly competitive market,

• A)total revenue must equal total cost for each firm.
• B)economic profits must be zero.
• C)price must equal the minimum of marginal cost for each firm.
• D)Both a and b are correct.

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Definitions:

Endorphins

Natural chemicals produced by the body that help to relieve pain and stress.

Dopamines

A type of neurotransmitter that plays a significant role in the brain's reward system and motor functions.

Acetylcholines

Naturally occurring neurotransmitters in the body that play a key role in transmitting nerve impulses across synapses.

Somatic Nervous System

A part of the peripheral nervous system that controls voluntary movements of the body.