Which of the Following Is True for a Perfectly Competitive

question 85

Multiple Choice

Which of the following is true for a perfectly competitive firm in the long run?

• A) There are barriers to entry and exit in the long run.
• B) In the long run, price is greater than marginal revenue.
• C) Firms make normal profits in the long run.
• D) The long-run supply curve is horizontal.

---

Definitions:

Feedback

Information about reactions to a product, a person's performance of a task, etc., used as a basis for improvement.

Hierarchy of Needs

A psychological theory proposed by Abraham Maslow that categorizes human needs into five levels, from basic physiological needs to self-actualization.

Perform Well

Refers to achieving or exceeding the set standards or goals in a given task or activity.

Aesthetic Needs

A psychological requirement for beauty and visually pleasing experiences, as part of Maslow's hierarchy of needs.