Figure: the Market for Gas Stations (Figure: the Market

question 30

Multiple Choice

Figure: The Market for Gas Stations (Figure: The Market for Gas Stations) Look at the figure The Market for Gas Stations.This market is characterized by many firms, differentiated products, easy entry, and easy exit.In long-run equilibrium, the economic profit earned by the typical gas station in the community will be:

• A)equal to the level shown in the figure.
• B)negative.
• C)zero.
• D)Not enough information is given to answer the question.

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Definitions:

Intrinsic Motivation

refers to the internal drive to engage in an activity for its own sake, deriving satisfaction and fulfillment from the activity itself rather than from external rewards or pressures.

Nature

The influence of our inherited characteristics on our personality, physical growth, intellectual growth, and social interactions.

Enjoyment

is the feeling of pleasure derived from experiencing or doing something that one finds satisfying or delightful.

Frustration

The feeling of distress and annoyance resulting from being blocked from reaching a goal.