​In Which of the Following Market Structures Can a Firm

question 393

Multiple Choice

​In which of the following market structures can a firm earn an economic profit in the short run?

• A)​Perfect competition
• B)​Monopolistic competition
• C)​Monopoly
• D)​All of these market structures can earn an economic profit in the short run

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Definitions:

Homo Economicus

An idealized concept in economic theory of humans as rational and narrowly self-interested actors who have the ability to make judgments toward their subjectively defined ends.

James Coleman

An American sociologist known for his work in education, public policy, and social theory, particularly the concept of social capital.

Constrained Freedoms

A condition where an individual's or group's liberties are limited by laws, social norms, or other forms of regulation.

Network Analysis

A methodological approach to study social structures through the use of networks and graph theory.