In the Long Run, Which of the Following Is Present

question 282

Multiple Choice

In the long run, which of the following is present in a perfectly competitive market?

• A) barriers to entry
• B) many firms in the market
• C) firms incurring an economic loss in the long run
• D) firms making an economic profit in the long run

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Definitions:

Sociocultural Perspective

A psychological approach that emphasizes social and cultural influences on behavior.

Learning Perspective

A psychological approach that emphasizes how the environment and experience affect a person’s or animal’s actions; it includes behaviorism and social-cognitive learning theories.

Biological Perspective

An approach in psychology focusing on the physical and biological bases of behavior, including genetic, hormonal, and neurobiological factors.

Social-Cognitive Perspective

A view that focuses on how people learn by observing others and how they control their own behavior through self-regulation and self-reflection.