In a Perfectly Competitive Market, Which of the Following Statements

question 236

Essay

In a perfectly competitive market, which of the following statements is true?
A.In the long run, the price will change to reflect whatever change we observe in production cost.
B.The existence of profits leads firms to exit the industry, while losses lead firms to enter the industry.
C.In the long run, economic profits are positive.
D.Perfect competition generates prices greater than marginal costs.

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Definitions:

Resistance Training

A type of physical activity that involves exercising against an external resistance to improve muscle strength and endurance.

Body Composition

The ratio of body fat to lean body mass, including muscles, bones, and organs.

Pear-Shaped

A term often used to describe a body type where the lower part of the body, such as the hips and thighs, is wider than the upper body.

Apple-Shaped

A body shape characterized by greater fat distribution around the waist compared to the hips, associated with a higher risk of metabolic diseases.