A Perfectly Competitive Market Is Initially in Long-Run Competitive Equilibrium

question 103

Multiple Choice

A perfectly competitive market is initially in long-run competitive equilibrium. Each firm in the market is earning zero economic profit. The owner of one firm decides to discriminate against employees of race X by not hiring them, or by firing those employees of race X who currently work for him. If employees of race X are high-quality employees, and other firms hire them, then the owner of the discriminating firm will soon find that his costs rise (above that of other firms) and he will begin earning

• A)below normal profits.
• B)normal profits.
• C)positive economic profits.
• D)losses.
• E)a and d

Recognize the changes in immigration policy during the 1920s and the factors contributing to these changes.

Identify the social and political sentiments expressed by the Ku Klux Klan in the 1920s.

Assess Herbert Hoover's qualifications for the presidency in terms of his background and political stance.

Evaluate the reactions of various groups to modern urban culture, mass entertainment, and religious diversity.

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Definitions:

Suppression

The conscious deliberate effort to control and inhibit unwanted or unacceptable thoughts, feelings, or impulses.

Conditioned Forgetting

The loss of a memory due to interference from learning through conditioning, rather than organic causes.

Classical Conditioning

A process of learning in which a reaction initially triggered by the second of two jointly presented stimuli is in time triggered by the first stimulus as a result of their repeated pairing.

Operant Conditioning

A learning process in psychology in which the strength of a behavior is modified by reinforcement or punishment.