In the Short Run, If a Perfectly Competitive Firm Is

question 110

Multiple Choice

In the short run, if a perfectly competitive firm is producing at a price above average total cost, its economic profit must be:

• A) positive.
• B) zero.
• C) negative.
• D) normal.

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Definitions:

Confabulation

The production of fabricated, distorted, or misinterpreted memories about oneself or the world, without the intention to deceive.

Flashbulb Memory

A highly detailed and vivid memory of an emotionally significant moment or event, which seems to be recorded in the mind like a photograph.

Repression

A defense mechanism in psychoanalytic theory where distressing thoughts, memories, or impulses are excluded from consciousness.

Long-Term Memory

A type of memory responsible for the storage of information over an extended period, ranging from a few days to decades.