In the Long-Run Equilibrium in a Perfectly Competitive Market, the Economic

question 461

Multiple Choice

In the long-run equilibrium in a perfectly competitive market, the economic profit of the firms is

• A) positive.
• B) negative.
• C) zero.
• D) increasing.

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Definitions:

Moral Philosophy

The branch of philosophy concerned with discussing what is morally right and wrong, and why human actions and intentions are evaluated as good or evil.

Deontology

A branch of ethics that judges the morality of an action based on the action's adherence to rules or duties.

Cognitive Moral Development

A theory proposed by Lawrence Kohlberg that suggests individuals move through different stages of moral reasoning as their cognitive abilities mature.

Kohlberg

Refers to Lawrence Kohlberg, an American psychologist best known for his theory of stages of moral development.