In a Perfectly Competitive Market, Which of the Following Will

question 225

Multiple Choice

In a perfectly competitive market, which of the following will increase the economic profit the firms make in the short run?

• A) a decrease in market demand
• B) an increase in market demand
• C) an increase in labor costs
• D) an increase in the number of firms

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Definitions:

Free Of Ignorance

The state of having knowledge or being aware, lacking the absence of understanding or awareness.

Condemned To Be Free

A notion popularized by existentialist philosopher Jean-Paul Sartre, suggesting that with the absence of God or predetermined essence, humans are free to make their own choices, yet are responsible for these choices.

Jean-Paul Sartre

A 20th-century French existentialist philosopher, playwright, novelist, political activist, biographer, and literary critic, known for his works on existentialism and phenomenology.

Kant

Immanuel Kant, an 18th-century German philosopher whose work in epistemology, ethics, and aesthetics had a profound influence on modern thought.