In the Long Run, Each Firm in a Competitive Industry

question 79

Multiple Choice

In the long run, each firm in a competitive industry earns

• A)zero accounting profits.
• B)zero economic profits.
• C)positive economic profits.
• D)positive, negative, or zero economic profits.

Comprehend the importance of implicit and explicit self-esteem in forming self-concept.

Understand the effects of external rewards on intrinsic motivation and behavior (overjustification effect).

Identify the psychological and physiological responses to challenge and threat in stressful situations.

Understand the concept of figure-ground organization and its examples.

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Definitions:

Exponential Smoothing

A time series forecasting method for univariate data that applies weighted averages of past observations, giving more weight to recent observations.

Long-term Trend

The persistent movement or direction in data over a long period, revealing a general pattern of change.

Short-term Predictions

Forecasts made over a relatively short period, typically focusing on immediate or near-future trends or events.

Cyclical Variation

Periodic fluctuations in data or trends that happen over longer time intervals and are often related to economic, environmental, or societal cycles.