In the Long Run, Assuming That the Owner of a Firm

question 466

Multiple Choice

In the long run, assuming that the owner of a firm in a competitive industry has positive opportunity costs, she

• A)should exit the industry unless her economic profits are positive.
• B)will earn zero accounting profits but positive economic profits.
• C)will earn zero economic profits but positive accounting profits.
• D)should ignore opportunity costs because they are a type of sunk cost that disappears in the long run.

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Definitions:

Ligament

A fibrous connective tissue that connects bones to other bones, providing joint stability and guiding joint movement.

Lateral Wall

The side structure or boundary of an anatomical cavity or a part of a building, providing support and shape to the structure it encompasses.

Nasal Cavity

The hollow space within the nose through which air passes, involved in breathing, smelling, and humidifying the air we inhale.

Inferior Nasal Conchae

A bony structure located within the nasal cavity that helps filter, moisten, and warm air inhalation.