A Firm in a Perfectly Competitive Industry

question 116

Multiple Choice

A firm in a perfectly competitive industry

• A)is unaffected by the entrance of new firms into the industry, since entering firms affect only the prices they themselves receive.
• B)always produces more output in the long run than in the short run.
• C)may choose a different output in the long run than in the short run.
• D)earns economic profit in the long run but not in the short run.

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Definitions:

Existential Import

Pertains to the implication that some assertions within categorical logic assert the existence of at least one instance of something.

Opposition

Resistance or dissent, expressed in action or argument.

Opposition

Opposition refers to a relationship or position of conflict, contrast, or resistance between two or more entities or ideas.

E Proposition

In traditional logic, a universal negative statement expressing that no members of one category are members of a specific second category.