A Perfectly Competitive Firm Would Be Willing to Remain in the Industry

question 107

Multiple Choice

A perfectly competitive firm would be willing to remain in the industry in the long run at zero economic profit because

• A)its total revenues would be positive.
• B)accounting profit would be negative.
• C)revenue is equal to all costs, including the opportunity cost of capital and labor.
• D)its fixed costs would prevent it from leaving the industry.

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Definitions:

Spatial Abilities

The ability to comprehend, think logically about, and recall the spatial relationships between objects or areas.

Vocabulary

The set of words known and used by a person in speaking and writing.

Language Milestones

Language milestones refer to significant points in development when children typically acquire specific language skills, such as babbling, first words, and combining words.

Cerebellum

A major feature of the hindbrain of all vertebrates responsible for motor control, and also involved in some cognitive functions.