In the _______, If Profits Are Not Possible, the Perfectly

question 33

Multiple Choice

In the _______, if profits are not possible, the perfectly competitive firm will seek out the quantity of output where _______.

• A) long run; increasing production
• B) short run; fixed costs can be reduced
• C) short run; losses are smallest
• D) long run; fixed costs can be eliminated

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Definitions:

Moral Standards

Principles or rules of behavior that individuals and societies consider to be ethically right or acceptable, guiding conduct in various situations.

Conscious Mind

The aspect of the mind that involves awareness of the immediate surroundings, thoughts, and sensations.

Libido

A term often used in psychoanalytic theory to denote the energy associated with the sexual drive and desire.

Id

In psychoanalytic theory, the part of the mind in which innate instinctual impulses and primary processes are manifest.