When Firms in a Competitive Market Have Different Costs, It

question 63

Multiple Choice

When firms in a competitive market have different costs, it is likely that

• A)free entry and exit in the market will be violated.
• B)the market will no longer be considered competitive.
• C)long-run market supply will be downward sloping.
• D)some firms will earn positive economic profits in the long run.

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Definitions:

External Iliac Vein

A large vein that carries deoxygenated blood from the lower limbs back to the heart.

Great Saphenous Vein

The longest vein in the body, running along the length of the lower limb, it transports blood from the foot back up to the deep femoral vein in the thigh.

Internal Iliac Artery

A major artery that branches from the common iliac artery to supply blood to the pelvic region, gluteal region, and perineum.

Dorsalis Pedis Artery

A blood vessel located on the top of the foot that supplies blood to the foot and toes.