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:

Blood Culture

A laboratory test that checks for the presence of bacteria, fungi, or other microorganisms in the blood.

Aerobic Culture

A test method in microbiology that grows bacteria or organisms in the presence of oxygen to identify infections.

Cryoglobulin Levels

The concentration of cryoglobulins in the blood, proteins that precipitate or clump together at low temperatures, associated with certain infectious, autoimmune, or chronic inflammatory conditions.

Ionized Calcium

The fraction of calcium in the blood that is not attached to proteins, important for many body functions including muscle contraction and blood clotting.