In a Perfectly Competitive Market, Which of the Following Statements

question 77

Multiple Choice

In a perfectly competitive market, which of the following statements is true?

• A)In the long run, price will change to reflect whatever change we observe in production cost.
• B)The existence of profits leads firms to exit the industry and losses leads firms to enter.
• C)In the long-run, economic profits are positive.
• D)Perfect competition generates prices greater than marginal costs.

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Definitions:

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Factory Floor Manager

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Coaching Effort

The dedication and work put into guiding, instructing, or training individuals or teams to enhance their skills or achieve specific goals.