(Figure: Perfectly Competitive Firms I) the Graph Represents Three Perfectly

question 120

Multiple Choice

(Figure: Perfectly Competitive Firms I) The graph represents three perfectly competitive firms. Which of the following statements is (are) TRUE? I. In the long run, each firm will produce the same quantity of output.
II) Firm 1 is the highest-cost producer and Firm 3 is the lowest-cost producer.
III) Firm 3 will produce the most output in the long run.

• A) II
• B) III
• C) II and III
• D) I

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Definitions:

Behavior Patterns

Recurrent ways of acting or responding that are characteristic to an individual or group.

Interpersonal Processes

Involves the ways in which individuals interact, communicate, and relate to each other within various social contexts.

Humanistic Approach

A psychological perspective focusing on individual potential, self-actualization, and viewing people as inherently good.

Personal Responsibility

The acceptance of being accountable for one's actions, decisions, and their consequences.