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.

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Definitions:

Ribosomal Subunit

Components of the ribosome that work together in protein synthesis, with the smaller subunit binding to mRNA and the larger subunit binding tRNAs and catalyzing peptide bond formation.

Initiator tRNA

The transfer RNA that starts the translation process in protein synthesis by binding to the start codon on the mRNA with its anticodon.

Peptide Bond

A bond between the amine group of one amino acid and the carboxyl group of another. Joins amino acids in proteins.

Eukaryotes

Organisms whose cells contain a nucleus and other organelles enclosed within membranes, distinguishing them from prokaryotes.